The Auditor-General has removed qualifications from the Government’s 2023-24 consolidated fund financial statement.

Last year, Heather Thomas said her opinion of the statement had to be “qualified” because of omissions or errors concerning asset retirement obligations.

While the matter was said to be significant enough that it could “make a difference to readers’ understanding of the financial statements”, she confirmed in a statement that sufficient evidence had since been provided.

The Independent Auditor’s Report and the summary financial statements were signed off on December 9, 2025, and tabled in the House of Assembly on Friday.

In a statement, Ms Thomas said: “In fiscal year 2025, the Government prepared a supported asset retirement obligation estimate. As of March 31, 2025, the Government recorded $44.4 million in ARO.

“Much of the liability relates to the removal of asbestos. It includes identifying legal requirements and assumptions to estimate the future costs required to complete the necessary future remediation.

“I concluded that liabilities for ARO are fairly stated, in all material respects, and are disclosed appropriately in accordance with the requirements of public sector accounting standards generally accepted in Bermuda and Canada.”

Similar to previous years, the Auditor-General included a paragraph to highlight that the consolidated fund financial statements are not summary consolidated financial statements of the Government of Bermuda.

Ms Thomas added: “There are approximately 50 entities, their assets and liabilities of which are outside of the consolidated fund and I encourage the Government of Bermuda to account for the full nature and extent of the financial affairs and resources which the Government controls.

“Summary accounts of the Government of Bermuda would give the citizens of Bermuda and users of the government-audited accounts the tool to understand and assess the totality of the public financial affairs and resources entrusted to the Government.”

David Burt mentioned the removal of the qualification from the audited financial statements while delivering the Budget Statement on Friday.

The Premier said: “I am pleased to report that these accounts received an unqualified audit opinion from the Auditor-General, removing the previous qualification regarding provisions for asbestos abatement.

“The removal of that qualification, which arose due to a change in accounting standards, is welcome news, and I want to take this opportunity to commend the teams in the Ministry of Public Works and Environment, and the Accountant-General’s office for their work in getting the qualification removed.”