New Audit Committee established by OECS Commission

Prime Minister Dr Ralph Gonsalves has signed the terms of reference (TOR) for the implementation of an Audit Committee established by the OECS Commission.

The Prime Minister signed the TOR on June 19 at the Harbour Club in Gros Islet, St Lucia in his capacity as the incoming Chair of the OECS Authority.

The Audit Committee is set up to provide unbiased and objective oversight to stakeholders, which is a requirement for many development partners such as the European Union and the Green Climate Fund to gain funding.

The 65th Meeting of the OECS Authority endorsed the implementation of the Audit Committee and incoming Chairman Prime Minister Gonsalves highlighted the importance of such a committee to the organizational apparatus of the OECS.

Echoing PM Gonsalves’ sentiments, Director General of the OECS, Dr Didacus Jules said the Committee would be critical in attesting to the financial rectitude of the Commission. He said “the establishment of the Audit Committee is a key governance initiative as we prepare to submit the Commission to the EU pillars assessment. A clean bill of health in terms of our Financial, Procurement, and Governance systems would allow us more flexibility in our operations to manage EU grant support and also with respect to the receipt of funding from other sources of international support.”

Yvonne James, Director of Audit (Ag) has been appointed as Chairman of the Committee. This country’s Director of Audit Dahalia Sealey also sits on the new OECS Committee. Chairmanship rotates alphabetically among the Member States in accordance with the OECS Authority Chairmanship.(API)