KINGSTON, Jamaica (JIS) — Auditor General, Pamela Monroe Ellis, says there is a need for greater use of international accountancy standards in the public sector, which are essential to providing transparency and accountability to the citizenry.
Monroe Ellis acknowledged that international accounting standards require the adoption of accrual accounting, rather than cash accounting, which is currently being practised in the central government and some public sector entities.
The accrual basis of accounting conforms to the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) frameworks because it results in a more accurate representation of the financial results and financial position of a business. “This is where we want to move. It (accrual accounting) is fundamental for informed decision-making,” she said.
The auditor general was speaking to JIS News, following the 30th anniversary conference launch of the Caribbean Organisation of Supreme Audit Institutions (CAROSAI) at The Jamaica Pegasus hotel in New Kingston yesterday.
The CAROSAI conference will be held between August 15 and 17, at the same hotel.