The 2017 Auditor General Report (Part II)

Last week, we began a discussion of the 2017 Auditor General’s report. So far, we examined the overall opinion given on the country’s accounts and felt that greater care needs to be exercised to ensure that such opinion is supported by adequate audit evidence.

That New York Times Article on Guyana (Part I)

The article dated 20 July 2018 appearing in the New York Times under the caption “The $20 Billion Question for Guyana” has generated quite a reaction locally for its portrayal of what most Guyanese would consider an unfair assessment of the state of affairs of Guyana and of its peoples.

Public Private Partnerships

Introduction Last week, we discussed the Privatisation Policy Framework Paper that was prepared in 1993 to guide the privatization that the Government had embarked on in 1988 as part of the Economic Recovery Programme entered into with International Monetary Fund.

Procurement Planning in Government

Last week, we discussed Guyana’s Budget Transparency Action Plan (BTAP) that the Government had developed in 2015 with the objective of improving the budget process and more generally of enhancing transparency and accountability.

Guyana’s Budget Transparency Action Plan

In our article of 9 April 2018, we had urged the Public Accounts Committee (PAC) “to continue its efforts to bring its examination of the public accounts up-to-date and to impress upon the Administration the importance of having all the actions contained in the BTAP (Budget Transparency Action Plan) undertaken with expedition, especially as they relate to the accountability timeframe”.

Code of Corporate Governance

The good news is that the authorities have decided to place into the Consolidated Fund the signature bonus of US$18 million that it received from ExxonMobil, and whenever the funds are needed parliamentary approval will be sought, presumably via a Supplementary Estimate.

Corporate Governance Revisited

17 Basic Principles of Corporate Governance Leadership, ethics and corporate citizenship 1. The governing body should lead ethically and effectively.

Displaying quiet competence

Before proceeding with today’s article, we refer to the Government’s announcement that nine companies are interested in the allocation of the remaining oil blocks and that it is exploring options for both direct engagement and selective bidding.

The ExxonMobil advertisement

The authorities have decided to remove the Guyana Sugar Corporation (GUYSUCO) from the portfolio of entities under the Ministry of Agriculture and place it under the Ministry of Finance via the National Industrial and Commercial Investments Ltd.

The Petroleum Commission Bill 2017

The legitimate authority for the collection of all State revenues is the GRA, and no Minister or official should have the discretion to decide what amount of such revenue should be transferred to the Consolidated Fund.

Environmental auditing

  Audit is not an end in itself, but an indispensable part of a regulatory system whose aim is to reveal deviations from accepted standards and violations of the principles of legality, efficiency, effectiveness and economy of financial management early enough to make it possible to take corrective action in individual cases, to make those accountable accept responsibility, to obtain compensation, or to take steps to prevent or at least render more difficult, such breaches.