5 Sep 2003

Marshall Islands embassies unable to reconcile cash funds, according to audit

12:51 pm on 5 September 2003

An audit shows that five of six Marshall Islands embassies were unable to properly reconcile their petty cash funds during fiscal year 2002.

The Deloitte Touche audit identified them as the missions in Washington, Fiji, Tokyo, Honolulu and at the United Nations in New York.

The audit says this shows inadequate contrls over petty cash and bank reconciliations, resulting in the possibility of misappropriation of Marshall Islands assets.

Only the Marshall Islands Embassy in Taiwan was able to properly reconcile its petty cash fund in 2002

The audit recommends that the Secretary of Finance issue rules and regulations governing reporting of petty cash funds for off-island embassies.

Finance Secretary Saeko Shoniber says the Ministry has now provided forms for reconciliations to each embassy and is providing on-going help to the embassies to do the job properly.