PHILIPSBURG:--- The General Audit Chamber issued their report regarding the Financial Statements of the General Pension Fund (APS) for the year 2011 on July 17th, 2014 to the Minister of Finance and Parliament. The National Ordinance General Pension Fund stipulates that the Fund is subject to review by the General Audit Chamber and requires that a report is issued regarding the audited financial statements (annual accounts) to Parliament and the Minister of Finance.
The Financial Statements for the year 2011 were officially presented in May 2013 and submitted to the General Audit Chamber in June 2013. This review represents the first time that the General Audit Chamber is carrying out the legally required task of auditing the APS.
As a part of the work on the 2011 financial statements of APS, the General Audit Chamber reviewed the legal compliance as well as aspects on governance, compliance and risk management.
For the year 2011, the General Audit Chamber noted that there were substantial uncertainties in the financial statements regarding the division of assets and liabilities of the former Netherlands Antilles. In addition, the participant administration was found to not yet be complete. The year 2011 represented the start of actual operations of the Fund.
The review of the financial statements is an annually recurring activity. Work on the review of the 2012 financial statements of the APS will commence as soon as these have been formally prepared and presented to the General Audit Chamber by APS.
After submission to Parliament, reports of the General Audit Chamber are made public.
The report is available on the website of the General Audit Chamber (www.arsxm.org) in both English and Dutch.
Click here to view the GAC report on the financial statements of APS for 2011.
GAC Press Release
