WILLEMSTAD – The Curaçao government is reconsidering the role of the Government Accountants Bureau (SOAB) in efforts to improve the country's financial management system. The Ministry of Finance initiated a comprehensive review of these activities at the end of 2025, with a revised approach expected to take shape during 2026.
The development is disclosed in SOAB's 2025 annual report, which states that the reassessment will also involve a review of the organization's responsibilities and institutional position within the government's financial management reform program.
The announcement comes against the backdrop of an ongoing disagreement between SOAB and the General Court of Audit of Curaçao over whether certain assignments given to the government accounting organization are compatible with its statutory responsibilities.
However, SOAB's annual report does not establish a direct connection between the government's reassessment and that dispute.
Nearly 200 Financial Reform Projects
SOAB has supported the Curaçao government in strengthening its financial management since March 2020.
The ultimate objective is to establish a financial administration and internal control system capable of producing government annual financial statements that receive an unqualified audit opinion.
An unqualified opinion would indicate that the financial statements present a reliable picture in accordance with the applicable reporting framework.
A central component of these efforts has been the government's financial management improvement roadmap.
In 2025, the roadmap included 192 individual projects distributed across the various government ministries.
SOAB supported the central coordination of these projects, held consultations with ministers and project managers, and monitored and reported on implementation progress.
The projects form part of the broader effort to address longstanding weaknesses in government financial administration, accountability and internal controls.
Ministry of Finance Orders New Approach
According to SOAB's annual report, the Ministry of Finance decided during the fourth quarter of 2025 to reassess all activities associated with improving government financial management.
The review is expected to result in an adjusted approach during 2026.
As part of that process, the ministry will also reconsider SOAB's role and institutional position.
The annual report does not explain what specific changes are being considered.
It remains unclear whether SOAB will be assigned fewer responsibilities, receive additional duties or see some of its existing activities transferred to other government institutions.
The report also does not indicate whether the revised approach will affect the implementation of the 192 projects identified under the roadmap.
The lack of detail leaves open questions about how the government intends to organize and coordinate its financial management reforms going forward.
Court of Audit Challenges SOAB's Government Assignments
The reassessment comes at a time when the General Court of Audit of Curaçao has raised serious objections to several assignments the government awarded to SOAB.
Late last year, the Court of Audit concluded that certain activities performed by SOAB were not compatible with the applicable public financial law framework.
Its concerns focused particularly on advisory and support assignments that, in the Court's assessment, created problematic overlaps with SOAB's statutory function as the government's internal auditor.
The Court of Audit questioned whether an organization responsible for internal auditing should also perform certain activities supporting the management and implementation of government processes.
Such arrangements, according to the Court's position, raise questions about the separation of responsibilities and the independence of the auditing function.
SOAB rejected that interpretation.
The foundation maintained that its statutes permit it to carry out advisory and support activities for the government in addition to its auditing responsibilities.
The Court of Audit did not accept that argument and maintained its objections.
Earlier this month, the Court of Audit reiterated its criticism of the government's assignment of responsibilities to SOAB in communications with the Curaçao Parliament.
The disagreement therefore remains unresolved, with the two institutions maintaining different interpretations of the legal framework governing SOAB's activities.
No Confirmed Link Between Dispute and Reassessment
Although the timing of the Ministry of Finance's review coincides with the institutional disagreement, SOAB's annual report does not state that the reassessment was initiated because of the Court of Audit's criticism.
It would therefore be premature to conclude that the government intends to reduce SOAB's responsibilities or change its mandate in response to the dispute.
What the report confirms is that the Ministry of Finance is reviewing the overall approach to improving financial management and that SOAB's position will form part of that process.
The outcome could have implications for how financial reforms are coordinated, implemented and monitored across government ministries.
Government Financial Management Still Faces Major Weaknesses
The review is taking place while Curaçao continues to struggle with longstanding deficiencies in public financial management.
Despite several years of reform efforts, the government has not yet achieved its objective of obtaining an unqualified audit opinion on its annual financial statements.
During its audit of the government's 2024 financial statements, SOAB again identified deficiencies and gaps in internal control systems at ministries and other government bodies.
These findings were communicated to the organizations concerned through management letters.
Such letters identify weaknesses discovered during an audit and provide management with information needed to address deficiencies.
The General Court of Audit has also previously warned that financial management reforms are progressing more slowly than planned and that fundamental shortcomings remain unresolved.
The continuing problems raise questions about the effectiveness of the existing reform structure and whether the current division of responsibilities is producing the intended results.
Uncertainty Over Future Responsibilities
The Ministry of Finance's decision to reconsider the financial management improvement program introduces another element of uncertainty into a reform process that has already experienced delays.
With 192 projects included in the 2025 roadmap, any substantial changes to the coordination or oversight arrangements could affect how the government manages the remaining work.
The challenge will be to establish a structure that supports effective implementation while maintaining a clear distinction between management responsibilities, advisory services and independent auditing functions.
For now, the government has not publicly clarified which responsibilities SOAB will retain or whether certain activities will be transferred elsewhere.
Further information is expected as the revised approach is developed during 2026.
Until then, the reassessment leaves two important questions unanswered: how the government intends to accelerate improvements in its financial administration and what role SOAB will ultimately play in achieving an unqualified audit opinion on Curaçao's annual financial statements.