Accountancy sector needs to be liberalized
June 4, 2021 4:25 pm
Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum. [Source: Parliament of the Republic of Fiji]
The Solicitor General’s Office has drafted amendments to the Fiji Institute of Accountants Act to try and liberalize the sector.
Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum has told parliament that the FIA Act provides for the Institute to operate independently.
Registered accountancy and audit firms are also regulated by their peers elected into office.
Sayed-Khaiyum has revealed that the four largest firms in Fiji have too much control of the Institute.
“There needs to be an independent body that will actually listen to complaints and carry out disciplinary measures.”
The minister adds similar provisions were brought in for the legal fraternity and the government is also working on legislation for the Fiji Institute of Engineers.