Vice President and Chief Financial Officer (CFO) of the University of The Bahamas (UB) Ryan Antonio admitted yesterday that the institution does not have audited financials later than 2012, marking a clear violation of the institution's legislation.
Education Minister Jerome Fitzgerald expressed his discontent with the delay to Guardian Business yesterday and said that he has been "somewhat impatient" with university officials on presenting the reports.
While speaking at a press luncheon at UB, the CFO said that the 2013 audited financials are on the way.
The University of The Bahamas Bill 2016 states that an independent licensed auditor, appointed by the board, should audit the accounts of the university for each financial year.
"Within four months after the end of each financial year, the university shall submit to the minister a copy of the audited accounts together with any report made by the auditors on the accounts," the act states.
Fitzgerald pointed out that the University Bill also allows for greater autonomy and has "substantially" diminished his powers as minister over the institution.
When asked if UB has been pressed to present the reports, Fitzgerald said "of course", adding that it is an "issue of concern".
"From my standpoint, they have made various indications as to when they would present it. I have not received it yet," he said.
"It is always an issue of concern for me. But unfortunately this is not something new that has been happening with the college and now the university.
"They indicated to me they have a financial program they are implementing and that should help to decrease the challenges.
"I have been somewhat impatient. But at the end of the day, I have to wait for them to present it."
UB executives at the luncheon, including the CFO, talked about the implementation of the Banner information system - a comprehensive computer information system that contains information on courses, students, faculty, staff and alumni - and how it would help to improve financial reporting and the management of accounts.

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