JIS News

Minister of Finance and the Public Service, Audley Shaw, has announced that during the next fiscal year, the proposed Public Accountancy Inspectorate will be in place within the Ministry, to act as “the eyes and ears of the Minister” with respect to the provision of critical oversight of the implementation of the budget.
The Minister was addressing the Opening Ceremony of a Corporate Governance Workshop for public bodies that fall under his Ministry yesterday (October 23), at the Ministry’s Heroes Circle headquarters in Kingston.
The new agency, he said will complement the work of the Contractor General’s Department, the Auditor General’s Department as well as the Public Administration and Appropriations Committee (of Parliament). “At present, there is no clear financial monitoring function of the Ministry that can give adequate substance and support to the Constitutional role of the Minister of Finance,” Minister Shaw informed.
The Inspectorate was first proposed by the Finance Minister during his opening Budget presentation in April, 2008. He disclosed that the process to establish the Inspectorate is now at an advanced stage and would be in place during the next financial year, in order “to allow me to properly discharge my duties as Minister of Finance and the Public Service, under Section 24 (A)(4) of the Financial Administration and Audit Act.”
Mr. Shaw explained that the Inspectorate would carry out inspection of Public Offices, programmes and projects, across all Ministries and agencies for the purpose of establishing that public funds are being expended in the most efficient, effective and economical manner and in accordance with the law.
“This will provide a basis for the Minister to establish early warning systems, even before the Auditor General’s reviews, as well as serve as a means of following up immediately on issues raised and recommendations at sittings of the Public Accounts Committee (PAC) and the Public Administration and Appropriations Committee,” he emphasised.
With respect to the role of the Board of Directors, the Minister advised that board members must strictly adhere to the principles of good corporate governance and maintain high levels of accountability and probity of procurement, and financial management activities in public entities.