Audit Mechanisms For RDA Coming

BVI Platinum News
December 05, 2018 7:38 am AST
Photo Credit: RDA
In order to ensure transparency and accountability in the operations of the Recovery and Development Agency (RDA), the Government has begun the process to set up an independent auditing body within the RDA.

The auditing body will be responsible for setting up the requisite procedures and framework for audits within the RDA, as well as manage and implement these.

In a notice yesterday, December 4, firms were invited to submit Expressions of Interest by December 17.

According to the missive, the services required from the firm are the setting up “of the RDA Internal Audit procedure and framework,” and, “Management and implementation of the internal audit processes and procedures in line with the framework for a period of four months.”

These steps are being taken with the aim of ensuring that the RDA “maintains adequate financial records and conduct the appropriate level of reporting to ensure accountability.”

It was further stated that, “It is essential that policy, procedures and controls are established to promote good and effective governance. In this regard, the Agency requires a qualified firm to set up and conduct the internal auditing services of the organisation.”

This comes after much concerns in the public domain about the operations of the Agency.

Several weeks ago, the $518 million Recovery and Development Plan (RDP) was passed, and Legislators had urged that regulations to control the operations and oversight of the executing body—the Recovery and Development Agency (RDA)—be established in a timely manner.

Just recently, Cabinet decided that the House of Assembly (HoA) would be playing a more active role in the supervision of the Agency after concerns were raised about the RDA being operational without the necessary regulations to guide the body.

The legislative body now has oversight of RDA’s implementation schedule, work plan and budget.

In keeping with the need for transparency, it had also been decided that the RDA will have consultations with the relevant ministries to develop an implementation schedule that will set out the manner of implementing the Recovery and Development Plan (RDP), and that the necessary framework to ensure this exchange of information be developed.
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