News

Nadi Town Council seeks to improve financial transparency

April 8, 2024 6:52 am

Nadi Town

The Nadi Town Council is conducting a comprehensive internal review to identify any potential fraudulent activity.

Acting Chief Executive Muni Reddy has highlighted instances of missing source documents and a lack of variance reports, indicating potential discrepancies.

While no concrete evidence of fraud has been unearthed yet, Reddy says that a thorough investigation will follow upon the completion of a detailed financial statement.

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“So while we try to track back, because the reconciliation were not done so this source documents are not there and these are some of the major challenges why our variances, our unreconciled balances, unsubstantiated balances has been increasing over the years.”

Reddy acknowledged the challenges posed by the absence of variance reports and proper source documentation.

“So we have not been able to come across any specific areas where we have been able to get evidence but as highlighted once we go detailed after the completion of our financial statements submission, once we go into detailed investigation than if we suspect something there are adequate protocols that we have in terms of reporting and we will go into exercising that.”

He adds the proactive approach by the council demonstrates their commitment to transparency and accountability in managing public funds.