A suggestion is put forward for consideration to be given to possible introduction of sanctions and fines for state companies which fail to submit their audited financial reports in a timely manner.
The proposal comes from Chairman of the Public Accounts (Enterprises) Committee, Wade Mark, on Wednesday.
He was speaking during an examination of the Audited Accounts, Balance Sheet and Other Financial Statements of Trinidad and Tobago National Petroleum Marketing Company Limited and Its Subsidiaries for the fiscal years 2018 and 2019.
Mark said tax payer’s money are being spent and there is need to ensure the population is informed during the required time on how much money is spent, what it was spent on and did the nation get value for the expenditure.
The committee was told by NP’s General Manager, Finance, ICT and Supply Chain, Joy John Benjamin, the various reasons for the delay in the submission of reports for 2019 and 2020 one of which was the issuing of new requirements which had to be met.