Ernst and Young, the independent auditors contracted to look over V.I. government financial statements, just issued its "Report of Independent Auditors" for the fiscal year ending Sept. 30, 2010, and found government financial statements to be accurate, according to a statement from Finance Commissioner Angel Dawson.
Dawson quoted from the report, saying Ernst and Young found “the financial statements for Fiscal Year 2010 present fairly, in all material respects, the financial position of the Government of the United States Virgin Islands.”
The audits, required by the federal Single Audit Act of 1984, have historically been published anywhere from three to six years after the end of each fiscal year and didn’t include audits of the government’s financial statements. (See related links below.)
Dawson said Monday that with the 2010 report, the V.I. Government is within one year of becoming completely current with its audited financial statements. “This is very important from a reporting standpoint, whether it be to the federal government, financial markets or local stakeholders," Dawson said.
Dawson said that with the Department of Finance will be working with the governor to establish an audit committee to institutionalize the improvements to the government’s financial reporting that have occurred under the deJongh-Francis Administration.
Audit committees enhance transparency and controls, Dawson said, quoting Max Duplant of the American Institute of Certified Public Accountants’ Government Performance and Accountability Committee endorsing their use.
Dawson said that in the next few days, the Fiscal Year 2010 Basic Financial Statement will be available on the Department of Finance website: http://www.usvifinance.info/html/Financial-Statements.Audits.html