SZV Receives Its First Clean Audit Report: SZV's financial statements comply with GAAP guidelines
PHILIPSBURG, St Maarten (Monday, October 10, 2022) — For the first time, Social & Health Insurances SZV received a clean audit report for its 2021 financial statements. The clean audit report was issued on September 27, 2022, by the government audit bureau, Stichting Overheids Accountants Bureau (SOAB). A clean audit report also termed an 'Approved Control,' means that the auditors found that the financial reporting by SZV was accurate and transparent. SZV has prioritized improving both the timeliness and quality of its financial statements, which has contributed significantly to this year's approved control and milestone.
“We’ve worked very hard to improve our financial reporting and processes over the years, and receiving this approved control shows that we are moving in the right direction. I am extremely proud of our entire team at SZV. The commitment of every staff member to ensure that our processes are effective has made this milestone possible. We are advocates for sustainable solutions and could not do this without SZV's Supervisory Council, which has an instrumental role in guiding me as the Director of SZV and Minister of VSA, Mr. Omar Ottley. I want to thank Minister Ottley for the strong collaboration and support in addressing the legislative areas that must be improved to safeguard the health care funds. I would also like to thank the Minister of Finance, Mr. Ardwell Irion, for continuously supporting the urgency for improved compliance in government.” – Mr. Glen A. Carty, Director SZV.
The clean audit report of SOAB includes recommendations relating to SZV's financial compliance. Due to no fault of its own, SZV's ability to improve financial compliance has been hampered by some pending legislative changes. However, the organization has been working with legislative experts and receiving tremendous support and cooperation from the Ministry of Public Health, Social Development & Labor to address these within the shortest possible time.
"I congratulate SZV and their team for this historic achievement. It's an honor to witness this financial milestone; I feel very proud. The Ministry of VSA has been dedicated to resolving issues with SZV to ensure that the healthcare funds remain sustainable for the future. In a short time, we've made significant and overdue legislative changes to improve the long-term financial position of SZV and will continue to make more improvements. I am confident this is just the beginning of a series of financial milestones for our public health care funds." – Mr. Omar Ottley, Minister of VSA.
Minister of Finance, Mr. Ardwell Irion, joined in congratulating the management and staff of SZV, commenting, "SZV receiving a clean audit report is the result of exemplary hard work and ongoing organizational transformation. This result is important for us as a country, striving for a financially sound government apparatus and providing effective public services. Congratulations to the team of SZV, and much success on the journey ahead."
SZV is continually striving for progress in its mission to provide citizens peace of mind, simplify access to its services, and use state-of-the-art technology. In prior years, SZV had received a 'Disclaimer of Opinion,' which was improved to a 'Qualified Opinion' for the 2020 financial statements. For the 2021 financial statements, SZV received an ‘Approved Control' (Unqualified Auditor’s Opinion). The condensed version of the 2021 Annual Report will be made available on SZV’s website in the coming weeks.