St Helena Government (SHG) is pleased to announce that the SHG Financial Statements for the financial year 2016/17 were approved by Executive Council on Tuesday, 27 March 2018.
Following the meeting, the financial statements were signed by the Financial Secretary, Dax Richards, on behalf of SHG and then the Chief Auditor, Phil Sharman, issued his Audit Opinion included as part of the financial statements.
Executive Council thanked the Financial Secretary and the Chief Auditor and acknowledged the hard work of both the Corporate Finance and Audit Service teams.
These Financial Statements are the sixth to be produced since the adoption of the accruals basis of accounting and International Public Sector Accounting Standards (IPSAS) and demonstrates SHG's continued commitment to improving the quality of financial reporting and public accountability.
Following the expiration of a transitional provision on IPSAS 17 Property Plant and Equipment where SHG was allowed five years to disclose land and buildings, land and building assets owned by SHG have now been recognised in the Statement of Financial Position. The Statement of Financial Position summarises the financial position of SHG at 31 March 2017 and shows the net worth of SHG's assets and liabilities to be Pound 250 million.
The Chief Auditor issued a 'Qualified' opinion on the Financial Statements and full details of his Audit Report is found on pages 9- 13 of the Financial Statements.
The Financial Statements will be laid at the next formal meeting of Legislative Council and in accordance with the Constitution, be automatically referred to the Public Accounts Committee for scrutiny.
Source: St Helena Government