Treasury

Published 19th November 2010, 10:12am

A five-day intensive workshop helped government's accountants and auditors to better grasp new standards in financial management and reporting.

Jointly organised by the Civil Service College, and the Auditor General's and Accountant General's offices, the workshop trained 75 personnel from core government, statutory authorities and government companies. These included officers from the Auditor General's Office, Budget Management Unit, and Treasury.

"We have to become familiar with the new international standards and their implications," Audit Manager Martin Ruben said.

"Financial managers should understand, for instance, the way a school is financed and how this is to be reported under international accounting standards in order to provide good advice on the impact on government's finances," he noted. Moreover, the workshop provided a timely opportunity to discuss common issues and the need for common practices, as well as to network, he added.

Workshop facilitator from the Wales Audit Office, Mr. Iolo Llewellyn, lauded government's foresight in adopting international financial reporting and public sector accountancy standards - years ahead of the United Kingdom.

The workshop also generated debate about applying the extensive standards developed primarily for large public corporations, as compared to government operations in the Cayman Islands, he said.

Senior Assistant Financial Secretary Anne Owens summed the workshop's usefulness: "It's been a very informative workshop. I recognise the work needed, as a group, to apply the standards consistently."