The Auditor-General’s report outlines ongoing issues with the quality and timeliness of financial statements.

The 2023 Auditor General’s Report for the Infrastructure Sector reveals issues with financial reporting in key ministries.

In 2023, the Ministry of Infrastructure and Meteorological Services received an unmodified audit opinion, meaning its financial statements met the required standards.

In contrast, the Ministry of Waterways and Environment received a modified audit opinion, signaling ongoing problems with its financial reporting.
The report indicates that despite previous concerns raised in earlier audits, little improvement has been made by the Ministry of Waterways and Environment, leading to the same issues persisting.

A major issue identified in the report is the quality of draft financial statements submitted by ministries.

Many of the draft statements required substantial adjustments, suggesting weaknesses in internal controls.

The Ministry of Waterways and Environment was particularly noted for the continuing need for these adjustments, showing little progress over the past few years.

Conversely, the Ministry of Infrastructure and Meteorological Services had fewer adjustments, pointing to stronger internal financial management.

The timeliness of financial statements is another key issue.

Ministries are required to submit their draft financial statements by October 31 each year, but several ministries failed to meet this deadline.

While the Ministry of Infrastructure and Meteorological Services submitted their statements on time, the Ministry of Waterways and Environment missed the deadline, contributing to its continued qualified audit opinion.

The report also highlighted delays in responding to audit management letters, which are essential for addressing issues in draft statements.

These delays suggest that even after receiving feedback, ministries struggle to take swift action.

Both the Ministry of Waterways and Environment and the Ministry of Infrastructure and Meteorological Services showed signs of inefficiency in this area.

The Auditor-General’s report stresses the need for ministries to improve their financial management practices.

It emphasizes the importance of meeting deadlines, strengthening internal controls, and addressing audit concerns in a timely manner.

With ongoing financial management gaps, particularly in the Ministry of Waterways and Environment, the report calls for greater oversight to ensure that public resources are managed effectively in the future.

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