Auditor General's Report on the Public Accounts of Montserrat 2004

CHAPTER 1
1.0 INTRODUCTION
1.1 <strong>Report</strong>ing Authority
1. This <strong>Report</strong>, for the fiscal year 2004, is submitted to the Honourable
Minister of Finance, for onward transmission to the Legislative Council. It is
pursuant to Section 26 (1) of the Audit Act 2001, No. 7 of 2001 and Section
17 (3) of the Finance (Administration) Act, No. 3 of 2001.
1.2 General Comments
2. This <strong>Report</strong> outlines the work of my office. It should cover the
audits of all central government operations, statutory bodies and
corporations and entities where the Government of Montserrat (GOM)
injects substantial sums into their operations.
1.3 Audit Mandate
3. The audit of the Annual Accounts of the Government of Montserrat
for the fiscal year 2004 was conducted in accordance with the provisions of
the Audit Act 2001 and Section 17 (3) of the Finance (Administration) Act
2001. These pieces of legislation provide for the preparation and submission
of annual statements by the Accountant General, and for examination and
audit of those statements.
4. Section (8) of the Audit Act 2001 specifically requires the <strong>Auditor</strong>
General and, by extension, the Office of the <strong>Auditor</strong> General, to inquire into,
audit and report in an impartial manner, on the Public Accounts, and in the
audit she shall make such examination as she may deem necessary to satisfy
herself whether:-
(a)
accounts have been faithfully and properly maintained in
accordance with Generally Accepted Accounting Standards
[established by the International Accounting Standards
Committee], and that all reasonable precautions have been
taken to safeguard the collection and custody of public monies,
and that these have been fully accounted for or paid, where so
required by law, into the Consolidated Fund;
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