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Accounting Practices at State Enterprises Must Be Improved.

Accounting Practices at State Enterprises Must Be Improved.

A suggestion has been made by Independent Senator, David Small, for accounting practices at state enterprises to be improved.

Mr. Small who is also the Chairman of the Joint Select Committee on State agencies made the comment during the Business Corner Programme on Power 102.1fm.

He said there is need for many states entities to make adjustments to their business model to ensure they remain relevant, competitive and viable.

Economist and a member of the government’s Economic Advisory Board, Dr Ronald Ramkissoon, said governance of state companies is critical.

He said when setting up these firms owned by the state, assessments must be done on the relevance of legislation surrounding their operation as well as ensuring auditing and monitoring of their operations.

Meanwhile, there is word that the Joint Select Committee of Parliament has not taken lightly to the decision of the former Chairman of the Education Facilities Company Limited not to appear before it.

In a letter to the JSC, Arnold Piggott cited what he said were unsubstantiated commentary about the Board, after his resignation in June, and damaging statements made by JSC members about state boards, as his reason for not responding positively to the invitation to appear.

The letter, published in Monday’s Guardian newspaper, quoted Mr. Piggott as saying that he could not rely on any courtesy or respect from members of the board. He asked, however, that his letter be read, in what he said would be the interest of transparency