State-owned entities told to produce audited accounts

STATE-owned entities (SoEs) will be required to produce their audited accounts which will be tabled in parliament from next year.
It is part of the plan Deputy Prime Minister and Treasurer Charles Abel outlined in the 100-day economic stimulus plan on Friday.
He said chairmen and chief executive officers of SOEs who failed to report their financial situations would be held accountable.
“It doesn’t mean that the financial records will be perfect,” Abel said.
“There will be some qualified opinion when you talk about audits meaning that there are some issues in there. By bringing the reports and accounts forward, it shows the public and the government what the financial situation is.
“If you don’t, and you are a chairman or managing director, you have to be punished.
“You are not performing your role.
“Report back what is happening financially in your organisation.
“We need to see this report.”
“The plan will start with the State-owned entities and statutory authorities while we keep pushing our departments as well.”
Abel said all public entities must have their boards in place according to law as there were institutions which did not have boards.
Abel singled out the agriculture sector.
“It has to decide quickly what is the way forward,” he said.
“We can’t leave the commodity boards languishing with no direction in these key areas.”