Prime Minister Gaston Browne has been providing detailed insights into challenges surrounding financial accountability and transparency within Antigua and Barbuda’s public sector.
This as the Prime Minister, who is also the country Minister of Finance, raised significant concern involved recurring adverse audit opinions regarding the financial accounts of statutory organizations, including Social Security.
According to the Prime Minister, these adverse opinions stem from incomplete or missing financial data—particularly concerning a bond valued at approximately $330 million issued to Social Security. Rather than proactively resolving discrepancies through collaboration between auditors, social security officials, and central government, the matter has often been left unaddressed.
Prime Minister Browne emphasized that this lack of resolution creates unnecessary public speculation about possible mismanagement or misuse of funds, even when the issues are technical and resolvable. He made clear his intention to implement systems ensuring all outstanding financial discrepancies are properly addressed, involving the Accountant General and the Treasury Department as necessary.
“They seem happy now to have completed accounts but with an adverse opinion. I’m saying that is not acceptable,” Browne stated firmly.
Understanding Audit Classifications
The Prime Minister also offered an educational breakdown of audit classifications:
- Unqualified Opinion: Financial records are materially correct.
- Qualified Opinion: Some material information is missing, preventing full validation.
- Adverse Opinion: Significant inaccuracies or missing data prevent auditors from confirming the accounts.
PM Browne stressed that accepting adverse opinions as routine undermines public trust and that urgent corrective measures are required.
