Deficiencies in state accounts

One of the headlines in the 2017 National Audit Office report says that the state accounts are incomplete.

The National Audit office has been pointing out for years that many institutions and trusts are not included neither in the state accounts nor in the state budget.

These institutions and trusts make up a significant section of the public sector.

Another major deficiency mentioned in the report is that many public-sector rules and regulations do not apply to public joint stock companies.

The Ministry of Finance is currently addressing the state accounts deficiencies. This work includes drafting new legislation for the National Building Society, which will ensure that all institutions and trusts currently not featured in the state accounts will be included.

Translated by prosa.fo