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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."





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