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Incomplete accounts caused delay: Maharaj

 

Aug 17, 2021 02:00:46 PM

Incomplete accounts caused delay: Maharaj Incomplete draft accounts caused the delay in submission of eight Government commercial companies and commercial statutory authorities 2018 audit reports.

Standing Committee of Public Accounts chair Alvick Maharaj highlighted this in Parliament today.

Maharaj said another reason for the delay was that entities decided to address issues that were raised in draft audit reports and resubmit for audit.

“Three of the financial statements in the backlog for the various entities were issued with the modified audit opinion,” he said.

“Auditor General had issued an unmodified audit opinion on all of the financial statements that were audited for the various entities.

“One of the financial statements that were in backlog for the various entities was issued with an unmodified audit opinion.

“Further improvements can be made to enhance the quality and timeliness of submission of financial statements for the Office of the Auditor General’s audits,” he said.

He said there is a need for Government commercial companies and commercial statutory authorities to have regular internal trainings for finance staff.

“There is an improvement needed in terms of submission of financial statements in a timely and efficient manner” he said.

“The improvement on control weaknesses and deficiencies which can prevent severe disruption to achieve the audit objectives and comply with relevant legislations.

“We noted in the responses received that some of the entities have resolved the audit queries while some are working towards resolving these control issues.

“We strongly recommend that immediate action is required by the respective entities in order to improve financial accountability,” he said.

The companies that had their accounts audited are Pacific Fishing Company Limited, Airports Fiji Limited, Copra Millers of Fiji Limited,  Fiji Development Bank, Fiji Broadcasting Corporation Limited, Post Fiji Limited, Energy Fiji Limited, Housing Authority of Fiji, Fiji Rice Limited and Yaqara Pastoral Company Limited.

By Nacanieli Tuilevuka

 

 

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