KINGSTON - The management of the DHBC noted the recent news on INEWS, (who quoted from GINA) about the 2010 Audit Office’s Report. Whilst issues were extracted and raised from said report, Management is concerned that equal prominence was not given to the DHBC responses to said issues.
The article headline report ‘gross financial irregularities’ and this is misleading and far from the facts. The audit for 2010 was done by the Audit Office and was completed in September 2013.
The issue of the understated inventory arose because the inventory management system is being recorded in Peachtree inventory module did not agree with the accounting software. Unfortunately, the Peachtree software does not allow for changes after two years. This was a recurring problem which will be resolved during the current audit (2013) which is in progress.
However, at all times the correct inventory balance was reported in the Corporation’s Financial Statements. Management has phased out the Peachtree inventory module and is now using Quickbooks for the recording of all transactions including inventory.
The other issues mentioned in the news report were adequately responded to and included in the Management Letter.
