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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Union of Tertiary Educators of The Bahamas Renews Call for Forensic Audit of COB and COB's Finances
By Union of Tertiary Educators of The Bahamas
Nov 17, 2015 - 8:47:23 PM
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 The Union of Tertiary Educators of the Bahamas (UTEB) was very disturbed by last week’s unfortunate news that the College of The Bahamas had been hit by yet another alleged incident of employee fraud. Last week’s matter of alleged fraud is the latest in a series of public incidents that has caused the Union, on numerous occasions, to call for a forensic audit of the institution finances.
· In November of 2009, the past president of UTEB, Ms. Jennifer Isaacs-Dotson, wrote the Prime Minister requesting a forensic audit be carried out.
· In May of 2010 UTEB again made a call for a forensic audit of the College when the media revealed that COB was in breach of its unrestricted fund covenant.
· In December of 2013 the employee unions called for an investigation into audit when $12,000 went missing from the business office.
By calling for the police to conduct a full and thorough investigation into this latest incident, the Union applauds the College for attempting to create an impression that it is interested and has done so in the name of “transparent and efficient corporate governance.” However, calling for a police investigation into this one matter does not amount to transparent and efficient corporate governance.
In light of this most recent fraud report, coupled with the troubling information from the Baker Tilly management report which outlined the systemic failures in COB’s financial practice and processes, transparent and efficient corporate governance could best be demonstrated by conducting a forensic audit of the institution and the institution’s finances and making the results of that audit public.
UTEB is once again renewing the call for College officials and the Minister of Education to do the responsible thing and conduct the forensic audit - sooner rather than later - and show taxpayers, whose dollars support the institution, that COB is about the highest level of transparent and efficient corporate governance.
At this most crucial time in the College’s movement, the College president and education officials should see it as a very important part of their fiduciary responsibilities to the nation to have a forensic audit carried out. COB should not move forward with transitioning to university without one – particularly when we consider the financial failings of such international and local companies as Enron, Banco Ambrosiano, and CLICO, each of which had extensive records of apparent financial normalcy and stellar financial audits, only to have that appearance and those audits discredited when years of financial mismanagement and wrongdoing were uncovered.
Because of the seriousness of the financial matters at hand, the College owes it to the Bahamian people and must conduct a forensic audit; let the chips fall where and on who they shall. Again, the Union is calling for the audit to be conducted before the College transitions to University, and we are asking for the Bahamian public to do the same.
© Copyright 2015 by thebahamasweekly.com
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