The Ministry of Finance and Economic Development (MFED) welcomes the positive results contained in the Office of the Auditor General’s (OAG) 2025 General Report, particularly the achievement of unqualified (clean) audit opinions for all 17 Ministries, Portfolios and Offices (MPOs) whose audits were completed as at 10 September 2026.
This represents a significant achievement and reflects the continued commitment of Government finance professionals to financial accountability and transparency.
The report also confirms several positive outcomes:
1. 100% of completed MPO audits received clean opinions, with no qualified opinions.
2. All 17 audited MPOs recorded surpluses or break-even results, with nine reporting surpluses and eight breaking even.
3. Core government entities reported a combined operating surplus of $28.1 million for 2025, including preliminary results for five entities whose audits remained outstanding.
4. 31 of the 37 completed public body audits received clean opinions, representing approximately 84% of completed audits.
Audit Adjustments Must Be Considered in Context
While acknowledging the $172.5 million in audit adjustments highlighted by the OAG, MFED considers the emphasis placed on adjustments that were subsequently corrected to be unusual, given that identifying and resolving adjustments is a normal part of the audit process.
Importantly, $55.1 million related to pension and post-retirement healthcare revaluations, and the total does not represent a loss of public funds. The Ministry recognises the need to improve the quality of initial submissions while also acknowledging the significance of the clean audit opinions ultimately issued.
Timely Completion of Audits
The Ministry also highlights that 42 of the 48 public bodies submitted their 2025 financial statements by the statutory deadline of 28 February 2026, demonstrating a high level of compliance with reporting requirements.
However, the OAG completed only 35 of those 42 audits by its statutory deadline of 30 April 2026. As at 10 September 2026, 7 audits remained outstanding, including five MPOs.
While recognising that audit delays can arise for various reasons, MFED emphasises that timely submission of financial statements must be matched by timely completion of audits. Both reporting entities and the OAG have important statutory responsibilities in ensuring financial information reaches Parliament and the public promptly.
Continued Commitment to Financial Management
The Ministry acknowledges the areas requiring improvement, including internal controls, procurement compliance and the quality of financial reporting.
MFED continues to provide twice-yearly training for Government finance professionals, together with specialised guidance, training and templates to support the implementation of new International Public Sector Accounting Standards.
The Ministry will continue working with public bodies and the OAG to address recurring findings, strengthen financial management practices and improve the timeliness and quality of financial reporting.
MFED also recognises the dedication of Chief Financial Officers and finance teams across Government. Achieving clean audit opinions for all 17 completed MPO audits is a positive result that deserves recognition, while the Government remains committed to continuous improvement and responsible stewardship of public funds.
The Deputy Governor Hon. Gloria McField-Nixon welcomed the positive audit results achieved by the 17 Ministries, Portfolios and Offices whose audits were completed.
“These results reflect the dedication of our public officers and finance professionals to responsible stewardship of public funds. I commend the Ministry of Finance and Economic Development and all those who contributed to these achievements.
“While we celebrate this progress, I encourage all public officers to use the Auditor General’s findings as an opportunity to further strengthen our internal controls and financial reporting. With the continued leadership of the Financial Secretary and the support of the Ministry of Finance and Economic Development, we can build on these achievements and further strengthen public financial management,” the Deputy Governor stated.