12 Mar 2013

Auditors question spending by Marshall Islands

9:37 am on 12 March 2013

Auditors from have raised questions about large amounts of money spent by the Marshall Islands government during fiscal year 2011.

In the latest report delivered to President Christopher Loeak and Parliament earlier this month, financial services company Deloitte and Touche lists 14 findings, up from 12 problem areas identified in the 2010 audit.

The report concludes that half of the findings are repeat audit issues that have gone unfixed for multiple years.

The completion of the report was over seven months late because auditors had to wait for the Ministry of Finance to complete bank account reconciliation and financial data preparation that was not performed during the fiscal year.