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$40 million debt; That's how much hoteliers owe the struggling Small Hotel Investment Fund barbadostoday.bb - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from barbadostoday.bb Daily Mail and Mail on Sunday newspapers.
Several state-owned entities (SOEs) have been meeting their obligations to produce up-to-date and audited financial statements of their operations, however, the Auditor General has identified many SOEs that have failed to produce audited financial statements for years.Auditor General Leigh Trotman noted that private sector auditors conduct a number of these audits even though the Constitution requires the Auditor General to be the auditor of ministries, departments and government-controlled entities.In his report on the status of audits conducted by private sector auditors, he cited in one case where the Rural Development Commission (RDC) had not produced audited accounts for a decade.Trotman said the RDC , which was formed in 1995, had no audited accounts forthcoming from 2010 to 2021. The entity told the Auditor General in the past that its audited financials for the year ending March 31, 2009, were “being finalized”. It reported the same state of affairs again. ....
Barbados’ first prime minister and National Hero Errol Walton Barrow famously referred to the island’s public service as “an army of occupation”.It was not a term of endearment but symbolic of the frustration in seeking to properly manage the tens of thousands of people employed by the state.In 2022, we must consider whether Barbados’ public sector has become too big, too entrenched with outdated structures and rules, and too fragmented to undertake its functions in an efficient, cost effective way.Revelations from the most recent issue of the Auditor General’s report highlights some examples of dysfunction in the operations of our public service.Some of the Auditor General’s complaints reflected systemic issues, some are failure to adhere to established procedures, an absence of enforcement of the rules, as well as systems that are not fit for purpose. In some instances, there is just plain neglect of duty and attempts to abuse the system for personal gain. ....
Fund refinanced to provide loans for renewable energy projects barbadostoday.bb - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from barbadostoday.bb Daily Mail and Mail on Sunday newspapers.