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British Virgin Islands Introduce Tougher Public Audit Rules

by Amanda Banks, Tax-News.com, London

03 October 2003

Legislators in the British Virgin Islands have passed a new Audit Act that will hold public offices more accountable in spending matters.

The Act, which supersedes legislation first passed in 1970, received unanimous approval late on September 30 and will go into immediate effect after the governor of the jurisdiction signs the bill.

"This bill is designed to assist in ensuring the executive branch, its agents and persons in the public trust are held accountable to the electorate," Finance Minister, Mr. Ronnie Skelton announced, according to the Associated Press.

As well as keeping tabs on the financial activities of government offices, the new law gives the auditor-general the power to review records from publicly owned utilities, boards and other agencies. In addition, it gives the auditor general a mandate to assess the effectiveness of government programmes and sets deadlines for when audits must be made public.

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