FINANCE MINISTER TO INSTRUCT AUDITOR GENERAL TO AUDIT

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The Prime Minister has given the Finance Minister a directive, to instruct the Auditor General to audit the accounts of the Central Bank.  This as the PM says the current administration cannot accurately report on the country's accounts for the last two years, due to challenges faced by the Auditor General.  Rynessa Cutting has more.

Transcript

00:00With just a few days to go before the scheduled reading of the mid-year budget review,

00:06the Prime Minister is putting the country on notice that the public accounts cannot be properly accounted for.

00:13A dilemma she blames on the former finance minister for the impasse with the Auditor General.

00:19As a result, Mr. Speaker, we have been unable to resolve the national accounts for two consecutive years.

00:27A very embarrassing state of affairs for any nation which prides itself on transparency, democracy and the rule of law.

00:36But we on this side will fix that. We will fix it.

00:41The imbroglio had developed after the Auditor General queried an understatement of $2.3 billion in the accounts.

00:49The Prime Minister says this was the direct result of the central bank not releasing the requested information.

00:57To allow the Auditor General to do her job on the direction of former finance minister Karl Minbert.

01:03That, she says, ends now.

01:05The accounts of the bank shall be audited annually by auditors who shall be appointed by the board each year.

01:13With the approval of whom?

01:14The minister.

01:15Notwithstanding 52-1, the minister may at any time require the Auditor General to examine and report the accounts of the bank.

01:27And the bank shall, not me, the bank shall, it is mandatory, the bank shall, the bank shall provide the Auditor General

01:35with all necessary and appropriate facilities for an examination.

01:41The minister of finance is instructed and advised to utilize Section 52 to send in the Auditor General into the central bank.

01:52However, the central bank is telling a different story.

01:56Earlier this week, the central bank said it was, in fact, the office of the Auditor General which declined to audit the accounts,

02:04saying the office was not in a position to accept the appointment as auditor for the year ended September 30, 2024.

02:12However, the bank also acknowledged that another firm, BDOTT,

02:17had been contracted to provide the services from the financial year beginning October 1, 2023.

02:24The prime minister did not acknowledge these disclosures in her parliamentary contribution today.

02:30Which firm did they take instead of utilizing the services of the constitutionally appointed office of the Auditor General?

02:38Let's find that out.

02:40Whom did you hire and where are those audited accounts?

02:42Who were the auditors?

02:44And with this government, everything was friend, family, and financiers, you know.

02:48So we might find another recusal in the cabinet to find out who recused and why they recused

02:53and which firm was hired.

02:55So, Minister of Finance, you have your job.

02:58Here is it.

02:5952.

03:00Send in the Auditor General.

03:02Let's find out where the money of the people of Trinidad will be working.

03:05The prime minister also raised red flags over other discrepancies,

03:10highlighted in the Auditor General's latest statement, which will soon be published.

03:15Other impediments cited by the Auditor General include prior period errors could not be verified,

03:26issues regarding the statement of loans or credits guaranteed by the state,

03:31questions related to the statement of public debt,

03:36omissions relating to the statement of off-balance sheet financing,

03:42inability of staff at the Auditor General's department to gain the relevant access to the

03:48Ministry of Education, and supporting documents were not provided to verify payments.

03:55As a result, sample expenditure of $1.5 billion could not be verified.

04:02$1.5 billion of taxpayers' money could not be verified.

04:09The mid-year budget review reading is scheduled for June 18th.

04:13Renasa Cutting, TV6 News.

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