Over 60 SOEs, agencies fail to submit statements

THE Public Accounts Committee says 64 State-owned entities and agencies out of 104 failed to prepare financial statements on time for auditing and tabling in Parliament.
Chairman Koni Iguan, pictured, the Markham MP, said the Government entities had breached Section 63 of the Public Finance Management Act.
Among the agencies implicated were the Border Development Authority, Climate Change and Development, Government Printing Office, National Aids Council, National Broadcasting Corporation and National Capital District Commission.
“The delays are not in months but more than four years in arrears. This is very serious,” Iguan said.
“The law clearly states that a public body to prepare and furnish to its minister before June 30 each year a performance and management report of its operations for the year ended Dec 31 preceding together with financial statements to enable the minister to present such report and statements to the parliament.
Iguan said the committee would summon chief executive officers of certain public entities next month to explain to the committee why they failed to submit the financial reports.
Deputy chairman and Gulf Governor Chris Haiveta said the government agencies summoned would be required to present their financial statements and all the documents necessary to the committee. “No excuses will be tolerated,” he said.
“We are giving them ample time for the summons to be issued to them.”
The committee will examine the report of the auditor-general to see how well public entities had managed their financial affairs to ensure transparency, good governance and accountability of public funds.
These inquires will be based on the audit report carried out by auditor-general and tabled in Parliament on Nov 21 last year.