by Rick Lowe

The headline of The Bahama Journal this morning screamed Auditor Raps Gov’t.

This is a very serious issue and there are several points that deserve comment:

First: The Government sets the rules that all businesses in the country are to follow. They are even more stringent with companies that sell their shares publicly.

Second: The Government does not hold itself to the same standards that they expect business people to maintain.

Third: This blogger stands to be corrected on this point but it is fair to say the Governmment takes in more revenue (taxpayer money) than any single company or maybe industry in the country.

Fourth: This Auditor General’s Report is for the year 2003. Some three years ago.

A qualified audit report is something that is not taken lightly in the private sector. Manager’s have been fired as this is a very serious infraction.

Also, if an audit is not completed annually in the private sector directors become suspicious, and rightfully so.

It does not appear that The Bahama Journal attempted to get comment from the Minister of Finance or the Prime Minister but heads should roll.

The embarrassment, if nothing else should force the government to take some decisive action.