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DRA audits take longer than expected, Storr says

Alex Stowe, chairman of the Disaster Recovery Agency (DRA), said yesterday that the long-term audited treasury for 2020 and 2021 took longer than expected due to inadequate records management during that period.

Storr said the audited 2020 treasury costs were significantly higher than the budget as a result.

“They were hampered by poor records management and completely inadequate accounting practices, and many accountants should have done in-house to ensure that they were presented with the right numbers. I found that I had to work, “he said in an interview. Nassau Guardian.

“Therefore, the audits are well over budget because the auditor had to do extra work, but the first audits need to be completed and ready for submission soon.”

“The initial audit price was $ 30,000, but it’s probably more than five times that amount,” he added.

Storr has revealed that it applies only to audited treasury in 2020 and does not take into account the cost of audited treasury in 2021.

The law requires DRA to provide an audited account within three months of the end of each fiscal year, but since the start of December 2019, no DRA audited account has been submitted. Hmm.

Article 11 (3) of the Disaster Reconstruction Bureau Act requires authorities to submit to the Minister a copy of the audited accounts and a copy of the report prepared by the auditor three months after the end of each fiscal year. It has said.

Storr said it was “inaccurate” because it was related to the unaudited 2020 financial statements submitted to Congress in March 2021.

“Based on what the auditors found, I would say they are far from exactly,” he said.

Mr. Storr said a court audit would be conducted on the authorities’ work in February, following allegations that the DRA was improperly managed under the Minis administration.

When asked about the schedule for when the audit will be completed yesterday, Storr said it wasn’t clear.

“The audit is still underway,” he said.

“We talked to the auditor just a few days ago to get the latest information, but they are coming.

“The problem is that when they encountered some problems, they decided to dig deeper into them, or more information came out and took care of others.

“So it caused some delays, but only because they are trying to be as thorough as possible.”

https://thenassauguardian.com/dra-audit-taking-longer-than-expected-storr-says/ DRA audits take longer than expected, Storr says

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