The CNMI government is required under U.S. law to perform annual financial audits and statements that are subject to the accounting requirements established by the GASB.
CNMI Finance is solely responsible for accurately gathering data and providing the necessary information to independent auditors, contracted by the commonwealth government.
“Providing auditors with accurate and reliable data satisfies not only external reporting requirements but ensures government laws and regulations are being complied with and that government funds are being effectively managed and used to better the lives of everyone who makes the CNMI their home,” said Assistant Secretary Babauta.
“Reliable financial audits enhance control effectiveness making local governments more transparent and accountable to their constituents,” added Babauta.
Funds will be used by the Department of Finance to improve and more efficiently report capital asset records, bond refunding deferrals and assist in addressing other technical accounting issues such as meeting new accounting standards and other audit and financial statements.
