NAO flags up audit failings in offshore territories
Public sector watchdogs have highlighted serious flaws in the auditing practices of British Territories including Bermuda, the Caymans, St Helena and Montserrat
‘Local capacity to deliver timely public accounts and sustain independent
audit and parliamentary scrutiny of the executive, which can give the Foreign
Office confidence that risks are being adequately managed, remains highly
variable,’ said the National Audit Office.
The UK has sovereignty over 14 overseas territories, 11 of which are
permanently populated. Three of the territories run their accounts on an
accruals basis while others prefer to go by their cash position.
Data showed that 2005 was the last time six of the territories submitted an
annual report.
To read the report go to nao.org.uk