Financial Institution Internal Controls in St Helena Under Scrutiny as Audit Firm Steps Up Efforts

The financial health of institutions on the island of St Helena is facing increased scrutiny as a leading audit firm ramps up its efforts to ensure transparency and accountability.

Independent External Auditor Takes Lead Role

As the independent external auditor for St Helena’s government and public bodies, the firm is tasked with providing an objective assessment of their financial management practices. This move is seen as a critical step in promoting good governance and ensuring that taxpayer funds are being utilized effectively.

Efforts to Promote Transparency and Accountability

According to sources, the firm has been working closely with governing bodies and international aid donors to:

• Report on published financial statements
• Gauge value for money in the use of public resources

This increased focus on financial institution internal controls is a welcome development for the public, who rely on the audit firm’s reports to hold institutions accountable for their actions.

Quotes from Chief Auditor

“We take our role very seriously,” said Brendon Hunt, Chief Auditor of St Helena. “We believe it’s essential to provide an independent assessment of the financial management practices on the island to ensure that public resources are being used responsibly.”

Public Encouraged to Raise Concerns

The audit firm is encouraging anyone with concerns about the use of taxpayer funds to visit its Contact page and raise any issues.

Expectations for Increased Transparency and Accountability

With the increased focus on financial institution internal controls, St Helena can expect a higher level of transparency and accountability in the management of its public resources. As the island continues to evolve and grow, the importance of effective financial governance cannot be overstated.