One of the recommendations of the forensic audit carried out on the Guyana Office for Investment (GO-Invest) has been for a Deputy Chief Executive Officer (DCEO) to be hired. There are plans to hire such an individual by the end of March 2017.
During a recent interview with this publication, Chairperson of GO-Invest, Patricia Bacchus, had stated that numerous applicants had responded to advertisements publicised for the position since last year. “Four candidates were shortlisted, and all four candidates were interviewed. So that process should be wrapped up
GO-Invest Chairperson Patricia Bacchus
before the end of the month. But a Deputy CEO, that is legally required under the Public Corporations Act,” she explained.
She also stated that while the intention is to hire an auditor at some point in time, the organisation is going through a phase wherein prioritizing is necessary. However, she assured that the agency’s financials are being examined: “The agency’s financials are being brought up-to-date in terms of our annual audit. So we’ve concluded 2014 and 2015, and we are working on finalizing 2016. So it was a bit backdated, but we are bringing them up-to-date. That Audit Sub-Committee of the board is essentially carrying that governance financial oversight in the absence of an internal auditor.”
Speaking during the recently held Georgetown Chamber of Commerce and Industry’s (GCCI’s) Annual General Meeting, Bacchus had stated that several loopholes which were identified in the controversial GO-Invest forensic audit report have been addressed. Bacchus, also the Chief Executive Officer (CEO) of Caribbean Container Inc, had said that among the corrective measures implemented was the creation of a board level Finance Subcommittee; Memorandums of Understanding (MoU) being established between GO-Invest and other government agencies to promote the ‘One Stop Shop’ ideal; and self-compliance measures being implemented for investors. “I want to give you the assurance that all the non-compliant areas have been remedied. The board now has a Finance and Audit Subcommittee which deals with financial reconciliation and ensures that there is no impropriety; and (there is) a PR (Public Relations),” she had said.
The GO-Invest audit is one of several commissioned by Government into State entities in 2015. The audit report, which was released on February 3 last, had mentioned a number of findings. According to the report, GO-Invest does not have an Internal Audit Department or an Audit Charter. A weak governance structure and the fact that the agency has operated without a Deputy CEO were also cited as liabilities in the report.
The auditors, Nigel Hinds and Associates, had recommended that steps be taken to address the “organizational deficiency,” since it had caused the arbitrary selection of a senior staff member to act as a de facto Deputy CEO.
Former GO-Invest CEO Keith Burrowes had stated that the agency was not getting enough funding to accomplish some of the initiatives needed for improved internal governance.
