KSAMC engages accounting firm to update financial statements

 

The Kingston and St. Andrew Municipal Corporation (KSAMC) has sought external assistance to clear its significant backlog of outstanding audited financial statements. 

 

KSAMC Chairman and Mayor of Kingston, Andrew Swaby, said the statements have been outstanding since 2016.

 

Mr. Swaby told the monthly meeting of the KSAMC on Tuesday that, despite a pledge at a meeting of Parliament's Public Accounts Committee to remedy the situation, no progress has been made.

 

He said the decision was made to engage an accounting firm to bring the corporation in compliance with the Local Government Financing and Financial Management Act. 

 

A contract was signed on Tuesday with the Mundle Assurance Services.

 

"The goal is to have all outstanding financial accounts updated within two years, with a clear, defined timetable. Following the signing of the contract...the KSAMC advisory committee will be asked to provide some level of oversight and the finance committee still would provide oversight, but we would want to make sure that we hold to the timetable agreed," he said.  

 

The majority of municipal corporations were found to be flouting reporting rules in the Auditor General Department's 2024 Annual Report. 

 

At the time, the agency said the municipal corporations had not submitted a total of 85 financial statements dating back several years.