Financial Crime World

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ST HELENA’S FINANCIAL INSTITUTIONS FACE SCRUTINY: COMPLIANCE AUDITS LAUNCHED

As part of its commitment to ensuring transparency and accountability in the use of public funds, Saint Helena’s independent external auditor has launched a series of compliance audits targeting financial institutions on the island. The initiative aims to provide an objective assessment of the stewardship and accountability of government and other public bodies, thereby reassuring the public that their hard-earned taxpayer money is being utilized effectively.

The Audit Process

Led by Chief Auditor Brendon Hunt, the audit team will be scrutinizing the financial statements of various institutions, examining whether value for money has been secured in the use of public resources. The goal is to ensure compliance with international auditing standards and provide stakeholders with a clear understanding of how their funds are being managed.

Objectives

  • To conduct an objective assessment of the stewardship and accountability of government and other public bodies
  • To ensure compliance with international auditing standards
  • To provide stakeholders with a clear understanding of how their funds are being managed
  • To instill confidence among the public, governing bodies, and international aid donors that the island’s financial institutions are operating with transparency and integrity

Conducting the Audits

The audits, which are expected to have far-reaching implications, come as a result of growing concerns about accountability in government and public bodies. By conducting these comprehensive reviews, Saint Helena’s external auditor hopes to:

  • Identify areas where improvements can be made
  • Ensure that taxpayer funds are being used effectively and efficiently
  • Provide a valuable tool for monitoring progress and holding those responsible accountable

What You Can Do

Anyone with concerns about the use of taxpayer funds is encouraged to visit the auditor’s contact page and raise their concerns directly with Chief Auditor Hunt. The results of these audits will be made publicly available, providing a valuable tool for monitoring progress and holding those responsible accountable.

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