29 Jun 2005

Development Bank of American Samoa faces regular audits

10:14 am on 29 June 2005

The US Department of Interior's Office of Inspector General (OIG) has recommended that America Samoa regularly audit the Development Bank of American Samoa.

The acting president, Utu Abe Malae said this was recommended after a review of the banks financial records which started in February.

Other recommendations included updating the bank's 2002 Strategic Plan, which outlines its goals and objectives.

Auditors also recommended that the bank must have all audited financial statements up to date.

Utu said the last audited financial statement for the bank was for 2001 and independent auditors are visiting the bank in two weeks to complete the 2002 statement and start on that for 2003.