UDECOTT Gives New Timelines For Submission Of Financial Audits

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UDECOTT Gives New Timelines For Submission Of Financial Audits

The Urban Development Corporation gives new timelines for the submission of its financial audited accounts for the period 2019 to 2022.

Chairman of Udecott, Noel Garcia, gave the update during Wednesday’s sitting of the Public Accounts Enterprises Committee.

The Committee inquired into the Audited Accounts, Balance Sheet and other Financial Statements of the UDECOTT for the financial years 2017-2018 and the follow-up on the implementation of the recommendations in the Committee’s first report of the 12th Parliament.

Mr Garcia said the situation developed due to a change in auditing company from KPMG in 2016 to PKF which created some challenges for the organisation and as a result it was unable to keep the initial timelines.

He said KPMG cited staffing challenges and a change in its strategic direction as the reasons for its decision to be unable to continue its service with UDECOTT.

PAEC Chairman, Wade Mark, wanted to get more details surrounding the circumstances under which KPMG stopped its services with UDECOTT.

In response, Mr Garcia said the firm also held meetings with UDECOTT’s management and board on this matter.