KSAC Tightens Up On Financial Reporting
January 9, 2013The Key Point:
The Facts
- The body, which was formed during the regular Council meeting at the organisation’s Church Street chambers in downtown Kingston on Tuesday (January 8), is chaired by Councillor Vernon McLeod.
- Other members include: Councillors Carl Little, Gareth Walker, Vanesha Phillips and Delroy Williams. Two external members are also to be selected.
The Full Story
The Kingston and St. Andrew Corporation (KSAC) has put an audit committee in place, which will have oversight of the financial reporting process to ensure accuracy and transparency.
The body, which was formed during the regular Council meeting at the organisation’s Church Street chambers in downtown Kingston on Tuesday (January 8), is chaired by Councillor Vernon McLeod.
Other members include: Councillors Carl Little, Gareth Walker, Vanesha Phillips and Delroy Williams. Two external members are also to be selected.
Deputy Mayor of Kingston, Councillor Andrew Swaby said this is an important development, which will improve accountability regarding the operations of the Council and provide a forum for the discussion of financial affairs.
“The audit committee will act to ensure that the Corporation adheres to its mandate in specific areas, for example: assessing efficiency and effectiveness of internal controls over accounting and financial reporting; advising on best practices, which will promote productivity and quality of service; and reviewing the internal audit plan, policies, procedures and advising on its effectiveness,” Mr. Swaby said.