Tuitt seeks end to audit requirement

POSTED: 06/7/12 1:02 PM

St. Maarten – Finance Minister Roland Tuitt, who used to run an accounting firm, plans to amend the subsidy ordinance to make things easier for all foundations. In its current form, the law requires foundations to give a financial report to government on how funds received were disbursed. This report takes the standardized form of an audit.
“The audit is a big word and we throw out that word frequently and maybe do not understand what it entails. Since these subsidies are given to small organizations it is my opinion that government should not require an audit but what we call agreed upon procedures or a subsidy opinion or report,” Tuitt said
The minister believes requesting a basic financial statement from small organizations would be more realistic and economical for the government.
“Because the organizations are small they could never get a clean opinion from an accountant. So if you know you can’t get a clean opinion why would you go and pay?”
The move may be welcomed by local foundations who sometimes can ill afford professional service fees. Tuitt plans to make a formal request for accounting firms to submit proposals on how the new financial report should be drafted and for them to suggest procedures for an adaptation to the subsidy law.

Did you like this? Share it:
Tuitt seeks end to audit requirement by

Comments are closed.