Finding 1
A discrepancy of $2,598,130,761.72
Adjusted total receipts for September 2023 stood at $11,588,720,312.10, against $8,990,589,550.38 as originally shown on Exchequer Account statements dated 31 January 2024 and 16 April 2024 — a difference of $2,598,130,761.72 arising from an overstatement of tax refunds and the consequent under-reporting of net revenue.
Finding 2
No internal audit was conducted
The report finds that no internal audit was ever carried out into the understatement, notwithstanding its size and the fact that it was known to the Ministry of Finance.
Finding 3
Unsigned adjustment vouchers
Adjustment vouchers covering $2,599,278,188.73 in refunds were not signed by the Comptroller of Accounts as required. Debit advice slips were not reviewed for unusual or material transactions.
Finding 4
Disclaimer of opinion on the main 2023 report
The Auditor General's main report on the Public Accounts for 2023 carried a disclaimer of opinion, on the basis that sufficient appropriate audit evidence could not be obtained.
Finding 5
The dispute moved from audit to litigation
The Auditor General sought judicial review of the Cabinet's decision to appoint an investigation team whose members and terms of reference were set by the Minister of Finance. The Court of Appeal granted leave in Civil Appeal No. P-177 of 2024, Jaiwantie Ramdass v The Minister of Finance and The Cabinet. The Judicial Committee of the Privy Council dismissed the Minister's appeal, [2025] UKPC 4, leaving that grant in place. The Board gave its decision from the bench on 7 November 2024 and delivered written reasons on 28 January 2025.
Finding 6
The Electronic Cheque Clearing System failure
A malfunction of the Electronic Cheque Clearing System in February 2023 produced overstated debit advices. The Central Bank issued reversal credit advices to correct them, but the Treasury Division had no record of receiving them and the error was not detected by the Inland Revenue Division. No formal contract or service level agreement governed the system between the Ministry of Finance and the Central Bank. The Ministry has since required monthly refund bank statements and is reviewing a draft Extranet agreement with the Central Bank.
Finding 7
Timeline, 31 January to 24 April 2024
31 January 2024: the Ministry of Finance submits the 2023 Public Accounts, understating revenue. 25 March: the Ministry identifies the error and notifies the Auditor General. 26 March to 11 April: the Auditor General declines the corrected figures, the statutory deadline having passed. 12 April: the Ministry sends revised accounts and asks her to reconsider. 16 April: the revised accounts are accepted, with a note that full verification was not possible. 24 April: the report is submitted to Parliament without exit deliberations with the Ministry. 30 April: statutory deadline.
Extracts are summarised from the document of record, which is linked above. Where a passage is disputed, this newsroom will publish the correction alongside the extract.