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Deadline for filing of Wedco annual financial reports extended

Lieutenant-Colonel David Burch, the Minister of Public Works (File photograph by Akil Simmons)

Legislation extending the deadline for Wedco to file its annual financial reports was passed in the House of Assembly.

The West End Development Corporation Amendment Act 2022, which was passed with no objection on Friday, extends the requirement under the Wedco Act of 1982 for reports to be submitted within three months after the end of the financial year to six months.

Wedco is required to sent its annual statement of accounts to the minister and the Auditor-General, and to make its annual comprehensive operational report to the minister.

Lieutenant-Colonel David Burch, the Minister of Public Works, said: “Over the past decade, Wedco has encountered issues in adhering to the financial audits and annual report time frames.”

Colonel Burch attributed some of the challenges encountered by Wedco to “the increasing complexity and compliance requirements in compiling financial accounts, together with staffing challenges resulting from the worldwide shortage of auditors”.

He added: “Rather than digging deeper into the public’s purse to hire external auditing firms that could cost tens of thousands of dollars annually, this Government supports a more financially practical option by simply extending the required submission deadlines.”

Neville Tyrell, a Progressive Labour Party backbencher, declaring his interest as the chairman of Wedco, said: “It gives us a little more breathing space but I think it’s the right thing to do.”

Dennis Lister III, who declared his interest as deputy chairman of Wedco, said: “The extension to six months — we support it and we look forward to going forward in the years to come to be able to meet that deadline of six months.”

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Published October 11, 2022 at 5:56 am (Updated October 11, 2022 at 5:56 am)

Deadline for filing of Wedco annual financial reports extended

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