Too much money from the imf, oecd and World Bank propping up our $11.5 billion debt … these global foreign beaurocrats and thier local counterparts traveling around the world first class and living in the best hotels wouldn’t know the living hell running a small business in the 242 if it hit them in the face.
They think small business can be soaked to pay off the $11.5 debt and that they are hiding billions of dollars which the audits will discover.
By the time the Bahamas defaults in 10 years they all will be long retired and the ppl will blame the FNM.
Its difficult for anyone who is currently licensed and regulated to speak out against annual audits for fear they will be landed with "enhanced compliance procedures".
I was an auditor with a Big 4 firm back in the 1980s for 5 years and a Trust Company financial controller and Manager for 20 years and in the 10 years before retirement I was the accountant for a large investment firm.
Throughout my 35 year career in auditing, banking and trust the firms were always subject to completion of audits within 4 months. We had teams of qualified and trained accounts.
My thoughts:
We seldom were able to complete the audits in 4 months due to all sorts of financial issues including going concerns, material matters for enhanced disclosure, computer system conversions, lack of qualified staff, auditors not understanding the business, head office sign offs, mergers and acquisitions, consolidations and breakups, inventory issues, property valuations etc etc.
OK, so now I am running a food store with $5 million in revenue and no qualified accountants. How am I supposed to all of a sudden (1) find $50,000 to $100,000 for an initial audit and (2) find qualified accountants for $150,000 to prepare the accounts?
I ask the government if auditing is so simple why are the audited accounts for public corporations presented to Parliament years late?
Does this 4 month audit apply to government corporations? If so then what is good for the goose is good for the gander.
If not, please stop harassing the business.
Honestly I don't know how ppl do business in the Bahamas.
I looked at the legislation, regulations and the Micky mouse looking Excel spread sheet for reconciliation of audited revenue to business licensee revenue. Are you kidding guys for a government with $2.5 billion in revenue to come up with such amateurish reports.
Please take a look at IRS and Revenue Canada tax reports and try to get some qualified ppl in government to create user friendly legislation.
If the IRS or Revenue Canada want an audit...trust me, they will come in and do it themselves and not overburden small business (and yes $5m in revenue is small) with an audit.
Spot on Oracle. 3 generations the roots are so deep all we mere mortals can do is run and hide.
No public tender, no competitive bids, no meetings with public steakholders, no disclosures on beneficial ownership, no financial statements, no disclosure on drastic increase in air freight import bills, no advance notice of Jan 1 , 24 start date, no real address, no audited financial statements on the operator. Gotta love my New Day PLP, same as the Old Day PLP …. Ping school dem good in tiefin.
Pintard needs to get serious and stop this hot air.
Why would the government approve an FTX Select Committee to investigate themselves?
If government officials acted with the “appearance” of impropriety but not a possible criminal act why would Public Prosecution prosecute a non criminal act?
Also FTX has nothing to do with the Public Accounts because public funds were not wasted.
An independent and public facing Commission of Enquiry would be useful but why would the government approve such an investigation into themselves. MPs are puppets of the 2 party system an incapable of independent thought else their salaries are cut. Ever tried to buy food with no money?
What does amaze me is the lack of editorial by the Forth Estate calling out bad governance … but if generations of Bahamians have graduated who can’t read or had any basic civics lessons there is no one to read, much less comprehend the subtle issues at play here.
This is why corruption and foreign domination of our economy flourishes. We as a people, on balance are far to illiterate.
My experience is that an account goes "inactive" after 6 months of no activity.
At that time the account "disappears" off the online banking system.
This is frightening because the banks don't send out statements due to non functional postal system.
So we she as time progresses more and more accounts will be in essence "confiscated" because no one will know they existed especially if the account owners pass away.
May I humbly speculate that with the recent incident of a school roof which did NOT collapse according the politicians we maybe advised that the tank did not collapse either, that the contractor had self insured and may have been given a verbal contract and there are no structural engineering reports or approvals.
Having been without water for years after the hurricane it may have been in the greater good to rush this project to bring portable water to the people.
Of course in a day or two this story will scroll down the page and we will move on to the next horror in da 242.
Honestly I wake up every morning to look at the 242 news to see what new unbelievable thing has befallen my country.
So, Foreigners are purchasing choice homes in single family neighborhoods and opening hotels and attracting crime and distroying the fabric of our society which are nuclear families in safe neighborhoods.
observer2 says...
Suggest you shut down and stop loosing money.
Too much money from the imf, oecd and World Bank propping up our $11.5 billion debt … these global foreign beaurocrats and thier local counterparts traveling around the world first class and living in the best hotels wouldn’t know the living hell running a small business in the 242 if it hit them in the face.
They think small business can be soaked to pay off the $11.5 debt and that they are hiding billions of dollars which the audits will discover.
By the time the Bahamas defaults in 10 years they all will be long retired and the ppl will blame the FNM.
On Business Licence audit can’t be ‘too draconian’
Posted 20 December 2023, 10:29 p.m. Suggest removal
observer2 says...
Its difficult for anyone who is currently licensed and regulated to speak out against annual audits for fear they will be landed with "enhanced compliance procedures".
I was an auditor with a Big 4 firm back in the 1980s for 5 years and a Trust Company financial controller and Manager for 20 years and in the 10 years before retirement I was the accountant for a large investment firm.
Throughout my 35 year career in auditing, banking and trust the firms were always subject to completion of audits within 4 months. We had teams of qualified and trained accounts.
My thoughts:
We seldom were able to complete the audits in 4 months due to all sorts of financial issues including going concerns, material matters for enhanced disclosure, computer system conversions, lack of qualified staff, auditors not understanding the business, head office sign offs, mergers and acquisitions, consolidations and breakups, inventory issues, property valuations etc etc.
OK, so now I am running a food store with $5 million in revenue and no qualified accountants. How am I supposed to all of a sudden (1) find $50,000 to $100,000 for an initial audit and (2) find qualified accountants for $150,000 to prepare the accounts?
I ask the government if auditing is so simple why are the audited accounts for public corporations presented to Parliament years late?
Does this 4 month audit apply to government corporations? If so then what is good for the goose is good for the gander.
If not, please stop harassing the business.
Honestly I don't know how ppl do business in the Bahamas.
I looked at the legislation, regulations and the Micky mouse looking Excel spread sheet for reconciliation of audited revenue to business licensee revenue. Are you kidding guys for a government with $2.5 billion in revenue to come up with such amateurish reports.
Please take a look at IRS and Revenue Canada tax reports and try to get some qualified ppl in government to create user friendly legislation.
If the IRS or Revenue Canada want an audit...trust me, they will come in and do it themselves and not overburden small business (and yes $5m in revenue is small) with an audit.
On Business Licence audit can’t be ‘too draconian’
Posted 20 December 2023, 3:33 p.m. Suggest removal
observer2 says...
Spot on Oracle. 3 generations the roots are so deep all we mere mortals can do is run and hide.
No public tender, no competitive bids, no meetings with public steakholders, no disclosures on beneficial ownership, no financial statements, no disclosure on drastic increase in air freight import bills, no advance notice of Jan 1 , 24 start date, no real address, no audited financial statements on the operator. Gotta love my New Day PLP, same as the Old Day PLP …. Ping school dem good in tiefin.
On $25m air freight firm’s links to gaming boss
Posted 15 December 2023, 12:44 p.m. Suggest removal
observer2 says...
Pintard needs to get serious and stop this hot air.
Why would the government approve an FTX Select Committee to investigate themselves?
If government officials acted with the “appearance” of impropriety but not a possible criminal act why would Public Prosecution prosecute a non criminal act?
Also FTX has nothing to do with the Public Accounts because public funds were not wasted.
An independent and public facing Commission of Enquiry would be useful but why would the government approve such an investigation into themselves. MPs are puppets of the 2 party system an incapable of independent thought else their salaries are cut. Ever tried to buy food with no money?
What does amaze me is the lack of editorial by the Forth Estate calling out bad governance … but if generations of Bahamians have graduated who can’t read or had any basic civics lessons there is no one to read, much less comprehend the subtle issues at play here.
This is why corruption and foreign domination of our economy flourishes. We as a people, on balance are far to illiterate.
Move along now. Nothing more to see here.
On PINTARD WANTS PROBE ON FTX: Call for committee over govt links to collapsed company
Posted 25 October 2023, 10:03 a.m. Suggest removal
observer2 says...
My experience is that an account goes "inactive" after 6 months of no activity.
At that time the account "disappears" off the online banking system.
This is frightening because the banks don't send out statements due to non functional postal system.
So we she as time progresses more and more accounts will be in essence "confiscated" because no one will know they existed especially if the account owners pass away.
On Central Bank: Don’t send dormant accounts ‘direct’
Posted 11 October 2023, 10:37 a.m. Suggest removal
observer2 says...
Bahamianson, my condolences to the family.
May I humbly speculate that with the recent incident of a school roof which did NOT collapse according the politicians we maybe advised that the tank did not collapse either, that the contractor had self insured and may have been given a verbal contract and there are no structural engineering reports or approvals.
Having been without water for years after the hurricane it may have been in the greater good to rush this project to bring portable water to the people.
Of course in a day or two this story will scroll down the page and we will move on to the next horror in da 242.
Honestly I wake up every morning to look at the 242 news to see what new unbelievable thing has befallen my country.
On WSC worker killed as water tank collapses
Posted 2 October 2023, 10:41 a.m. Suggest removal
observer2 says...
Great research ThisIsOurs.
Gotta read the bloggers for lil dose a reality in da 242.
On Ex-DPM: ‘Disgraceful’ failure to improve BPL
Posted 10 August 2023, 2:44 p.m. Suggest removal
observer2 says...
“they never prepared a new foundation”
Probably the only relevant statement.
On BCA trustee says lack of foundation causing Wartsila vibration problems
Posted 8 August 2023, 1:03 p.m. Suggest removal
observer2 says...
So, Foreigners are purchasing choice homes in single family neighborhoods and opening hotels and attracting crime and distroying the fabric of our society which are nuclear families in safe neighborhoods.
Great business model for da 242
On Vacation rentals ‘too hard’ is reputation to be avoided
Posted 4 August 2023, 7:12 p.m. Suggest removal
observer2 says...
“ his client did not directly employ anyone in The Bahamas”
😩
Foreigners have taken over, Bahamians need not apply for jobs
On Vacation rentals ‘too hard’ is reputation to be avoided
Posted 4 August 2023, 2:47 p.m. Suggest removal