Fiji Time: 8:03 AM on Thursday 18 January

Fiji Times Logo

/ Front page / News

Audit queries

Geraldine Panapasa
Tuesday, August 19, 2014

LACK of satisfactory explanations for the increase in unpresented cheques from $60.5million in 2006 to $73.6m in 2007 and the failure to produce necessary reconciliations of various accounts for ministries and departments were some of the audit opinions of government's 2007 annual financial statement.

According to the 2007 independent audit report for government, signed off by then Auditor-General Eroni Vatuloka and published on the Ministry of Finance website, an adjustment of $33.7m in the general ledger to reduce the domestic bank account balance was unsubstantiated.

Attention was drawn to an adjustment of $21.1m in the consolidated fund statement of receipts and payments as prior years' adjustment, which also could not be substantiated.

"The correctness of income tax, VAT and hotel turnover tax totalling $917.6m collected by the Fiji Revenue and Customs Authority on behalf of the State, which comprised 61 per cent of the government's total revenue in 2007, could not be substantiated as the audit was denied access to taxpayers records," the statement highlighted.

Other discrepancies such as those included in government's 2008 financial statement included balances in a number of accounts not being substantiated as no supporting documents were provided.

The 2008 financial statement said debt to government was overstated by $55.6m as loan converted to grant were still being reflected in the lending fund account with loan balances of inoperative entities amounting to $1.7m also being reflected.

"Ministries and departments failed to submit their reconciliation to Ministry of Finance despite being sent numerous reminders.

"Moreover, reconciliation for accounts payable and accrued expenses were not submitted to the ministry at all."








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.62380.6048
JPY 55.967752.9677
GBP 0.36250.3545
EUR 0.40900.3970
NZD 0.69620.6632
AUD 0.63330.6083
USD 0.50340.4864

from

$0.00

Exchange Rate updated on 17th, January, 2018

Today's Most Read Stories

  1. Nadi man dies in crash
  2. Ray of hope
  3. Students brave river currents
  4. Narayan taken by surprise
  5. Race data held back
  6. Fiji's time
  7. Public outcry over peak time travel
  8. Kolitagane appointed PS Agriculture
  9. Ministry investigates use of education grant
  10. Policy to address job issues

Top Stories this Week

  1. Fitting farewell for Bill Friday (12 Jan)
  2. Love will keep us together Sunday (14 Jan)
  3. Kubuabola laid to rest Thursday (11 Jan)
  4. $100 a day Sunday (14 Jan)
  5. Blessings from above Thursday (11 Jan)
  6. Air NZ confirms incident Friday (12 Jan)
  7. Capt William calls it a day after 45 years Sunday (14 Jan)
  8. National strike if no resolution, says FTUC Sunday (14 Jan)
  9. Teachers transfer policy Monday (15 Jan)
  10. Nadi man dies in crash Wednesday (17 Jan)