Business
Jamaica | Mar 1, 2023

Digitisation issues delay audited statements at two major entities

/ Our Today

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Victoria Mutual’s offices in New Kingston, Jamaica.

Digitalisation issues have prevented Supreme Ventures and Victoria Mutual Investments from filing audited statements with the Jamaica Stock Exchange.

There was a time where CFOs and financial controllers of listed companies saw to it that they filed audited statements with the JSE in a timely manner.

It was a black mark to miss the deadline and some took it as a sign of trouble which is not always the case.

It was said that the digital era would be a boon to the financial sector, that processing and transactions would be easier and instantaneous. However what we are seeing is financial entities with this digital mind set not overly concerned with knowing their customers and abiding by financial reporting traditions – leave to the computer and it will do it for you.

Stocks and Securities Limited’s (SSL) Hope Road headquarters in St Andrew. (Photo: Facebook @SSLJamaica)

The Stocks and Securities Limited (SSL) scandal and the number of frauds recently at finance houses have one common element- the manipulation of digital systems. It has thrown the entire sector into disrepute and a reevaluation of how banking is done is now under way.

The JSE is also paying close attention to the practices of listed companies in particular their reporting methods and procedures.

It does come as a surprise to discover that both Supreme Ventures and Victoria Mutual Investments filing of audited financial statements for the year ended December 31, 2022 which were due to be filed with the JSE by March 1, 2023, are delayed due to system related issues.

Victoria Mutual Investments Limited put out a statement which read: “ VMIL is making every effort to have the audited financial statements for year ended December 31, 2022 submitted to the JSE by Tuesday, March 21, 2023.”

The brand new state of the art Supreme Ventures retail centre in Fairview Centre, St James.

In the case of Supreme Ventures, the company is promising to submit its audited financial statements by the following week, Tuesday March 28, 2023.

But what could have made both companies so tardy in submitting their statements given the febrile environment for companies right now and the importance of compliance and corporate governance?

Is this due to a lapse or an over reliance on computerisation? 

It is hoped that other listed companies are not late in filing their statements. The last thing needed now is more controversy dogging listed companies.

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