WILLEMSTAD - The Bureau for Supervision and Standardization of Government Entities (Stichting Bureau Toezicht en Normering Overheidsentiteiten, or SBTNO) has advised against approving a proposal by the social housing foundation FKP to waive legally required audits for its financial statements from 2015 to 2020. The SBTNO has urged the government to uphold the annual audit requirement, as stipulated in FKP’s statutes, to ensure financial transparency and accountability. 

Instead of a formal audit, FKP proposed conducting a compilation engagement, which would allow financial statements to be prepared without verifying the accuracy of the figures. This approach, however, runs counter to the annual external audit mandate set in FKP’s statutes. FKP’s latest financial statement was only completed in July 2024, while the 2013 audit was finalized as recently as July 2023. 

Despite repeated warnings from the SBTNO, FKP’s Board has decided to accept only a compilation declaration for the 2015-2020 period. The SBTNO has called on FKP’s Board to reject this proposal to uphold the financial integrity and credibility of the foundation.