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Harbour Bridge fails to submit audited statements for four years
– Board members should be sacked – Chris Ram
By Kiana Wilburg
The Demerara Harbour Bridge Corporation (DHBC) is four years behind in its audited financial statements, which are supposed to be laid in the National Assembly. Its last such statements were for the year ended, December 31, 2009, and this report was presented only last year.
Chartered Accountant Christopher Ram views this to be a most “unacceptable act.”He went further to state that the Director and the Board of the public entity should be sacked for being so negligent when it comes to honouring its obligations to transparency and accountability.
Audited Financial Statements are monetary reports of a legal entity which have been verified by an auditor. The opinion of the reports is intended to provide assurance that the financial statements are fair in all respects, and give a true and fair view in accordance with the financial reporting framework.
Chartered Accountant, Christopher Ram
The purpose of an audit is to provide an objective examination of the financial statements. This increases the “value and credibility” of the financial statements produced by management.
Further, the Companies Act of 1991 gives clear guidance on the requirements of government companies and the duties of the Auditor when it comes to financial statements. The Act says that a government company shall submit, within six months after the close of the year, an annual report of its transactions, audited accounts, and the audit report to the Minister.
This annual report, together with the Auditor’s report, shall be printed and laid before the National Assembly within nine months after the close of the year.
Ram told this publication that the DHBC being four years behind in having its audited financial statements laid in the National Assembly is intolerable.
The accountant said that it is important for the public to understand the financial arrangement concerning the bridge, considering that it is such a topical issue and serves as a comparator to the Berbice Bridge. And for many reasons, Ram said, the corporation should be made to comply with the laws.
Head of the Public Accounts Committee (PAC), Carl Greenidge said that all budgetary agencies know that they have obligations to make their audited financial statements and annual reports available to the National Assembly by the stipulated deadlines. The politician asserted that companies should refrain from the practice of having a backlog of reports as it is a “bad sign” and only serves to create problems.
“We are trying to put in place mechanisms so that companies can be alerted when they are near their deadline so that this can be avoided. I intend to speak to the Clerk of the National Assembly about this,” Greenidge said.
Asked whether companies provide explanations for tardy reports and statements, Greenidge said that this is only submitted when agencies are written for such.
Ram however, contends that the Public Accounts Committee should be moving to recommend sanctions against the defaulting agency. He said that he is “unsympathetic” to the work Greenidge is doing, stressing that the relevant action needs to be taken by the PAC.
“There are penalties for failing to comply with the law and I reiterate that the Board should be removed, because they are in breach of the law. We are too tolerant of these kinds of infringements and the PAC needs to recommend strong sanctions and a clear deadline for these public entities,” the Chartered Accountant concluded.
Joseph Harmon, the Shadow Minister of Public Works of A Partnership for National Unity, also lent his voice to the issue.
“We need to demand greater levels of accountability from such corporations. Those in charge at the Harbour Bridge have no right being late with their audited financial statements. It is absolutely inexcusable to be this lax and they should be sanctioned.”
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