Auditor General Leigh Trotman has rapped understating and overstating of figures in Government’s 2012 financial statements.
Trotman said that they did not fairly represent Government’s financial position and warned about the likelihood of fraud, undetected error and misappropriation of funds.
In his annual report laid yesterday in Parliament, the Auditor General was also unable to express an opinion as to whether Government’s financial statements were “presented fairly in accordance with international public sector accounting standards”, since the revenue recorded in those statements was “on the cash rather than the accrual basis as required.
“There was no supporting documentation for accounts receivable of $600 million. There were also inadequate supporting schedules in respect of capital assets of $1.8 billion,” Trotman wrote.
