Grand Turk, Turks and Caicos Islands – The National Audit Office (NAO) has released its audit report on the Government of the Turks and Caicos Islands’ annual public accounts for the financial year ending March 31, 2024, issuing a Disclaimer of Opinion due to insufficient evidence to support the financial statements.
Auditor General S. Stephens-Malcom said her office was unable to obtain adequate documentation for several key transactions, which significantly limited the audit’s scope. Areas affected included employee wages, salaries, benefits, and contingent liabilities, with missing legal confirmations and incomplete records in the Government’s main accounting system.
The Auditor General emphasized that these issues were pervasive and serious enough to prevent forming a reliable opinion on the financial health of the Government. She also expressed concern about whether transactions were carried out in accordance with relevant laws, principles of value for money, and public sector propriety.
“Weak accountability increases the risk of failure in the system of financial reporting and undermines monitoring of the use of public funds,” Stephens-Malcom stated. “Trust in the public service…is also undermined.”
In response, the NAO issued several recommendations aimed at improving financial reporting, governance, and transparency, calling for better record-keeping and compliance across all departments.
As the largest annual audit in the country, the report serves as a critical tool for holding the Government accountable for how public funds are managed.
