25 Sep 2002

Marshall Islands govenrment unable to audit department accounts

3:07 pm on 25 September 2002

The Marshall Islands government's 2001 audit is not complete because eight government-related funds were unable to be audited and several other funds and asset groups could not be verified.

The audit is supposed to include all agencies and entities of the government.

However, the internal control and compliance audit shows the College of the Marshall Islands, The Marshall Islands Development Bank and the Marshall Islands Environmental Protection Agency were among those not providing audited statements.

The report also questioned the use of 4-POINT-4 million US dollars in federal funds by the Marshalls government and their local sub-recipients.

The Ministry of Finance says it will look into the possibility of suspending further releases of funds to sub-recipients until a review was conducted of the questioned money.

This year's report does include some good news however, with the number of problems identified by the Deloitte Touche Auditors declining from 49 in 2000 to 22 in 2001.