Friday, November 7, 2008, Update: As of today, the Public Accounts Committee has yet to hold hearings on delinquent departmental and authority financial statements. PAC Chairman Osbourne Bodden announced in August that extensive hearings would be held in September. They weren't. Then it was re-announced the hearings would be held in October. They weren't. Now it's November and they still aren't scheduled. And, so far, nothing but silence from Governor Jack who, after all, is charged with the "good governance" of the Island. Readers may have interest in re-reading the article below which was first posted in early August.

The Governor today (August 5, 2008) issued a brief statement regarding the unaudited government accounts that date back as far as 2003. They involve every statutory authority, every government-owned business, and every Cabinet ministry and portfolio, and total at least $1.5 billion in inadequately accounted-for expenditures.
The statement, while welcome, is woefully incomplete and does not go nearly far enough.

It acknowledges that "audited financial statements are important for the accountability of government and hence for good governance."  This is conceding the obvious.
This language is relevant because the Governor is responsible in his appointed role for the "good governance of the Cayman Islands." The Leader of the Opposition, the Hon. McKeeva Bush, has publicly raised questions about the Governor's performance in executing his "good governance" responsibilities. Thus, the question:

Further, because of the magnitude and the importance of this particular issue, we should not be comforted by bureaucratic platitudes or "official statements" such as "The Governor welcomes the efforts now underway to resolve this issue. He is pleased that there will be hearings in the Public Accounts Committee."

I for one am much less interested in what the Governor is "pleased" about than what he should be "displeased" about—namely the malfeasance of so many high-ranking government officials that has been taking place on his watch.

It is customary and ordinary—and wrong—to suggest that we ought now to look to the future, not place blame, and simply get the accounts and audits up to date. No. We need names and faces on heretofore faceless bureaucrats, a determination of their accountability, and/or culpability, and the apportionment of suitable consequences.

Finally, while I welcome the announcement of hearings on these matters in the Public Accounts Committee, one must wonder about the following:

Why are these hearings just now being commenced when we've known about these issues for years? I find it difficult to believe that it's not in direct response to the uproar that has arisen in the aftermath of the Auditor General's releasing his report to the public.

With all due respect to Mr. Osbourne Bodden, who chairs the Public Accounts Committee, I would hope that he have at his side to assist in his questioning of the various officials who will come before his committee people skilled in the intricacies of auditing complex financial accounts. Forensic accountants and auditors may need to be brought in. Certainly the Auditor General himself should play an active role in these hearings.

Chairman Bodden has announced that these hearings will commence in September, due to the fact that the Legislative Assembly is currently on "August recess." Given the importance of this issue, I find that timetable unacceptable, if not cavalier.

These hearings should begin as soon as it is prudent and possible to do so. The timetable certainly should not be governed by a summer recess or vacation schedule. They have been delayed far too long—in fact, far too many years too long.