Concerns over poor financial records
March 23, 2021 4:34 pm
Alvick Maharaj [Source: Fiji Parliament]
The Public Accounts Committee has found numerous issues in the audit of government ministries and departments for 2016.
Committee Chair Alvick Maharaj tabled in parliament about 20 recommendations to improve financial reporting, record keeping and use of taxpayers funds.
The Public Accounts Committee has noted that proper book of records were not kept for some Trust Fund accounts while others were operated without documents.
“Ministries and departments did not always relevant supporting documents such as payment vouchers, acquittals and agreements to support the expenditure incurred”.
Maharaj says the Committee has raised concerns about a consolidated $26.7 million in trust accounts not being supported with detailed listing of claimants of monies held in the trust.
He says there is a high risk of the funds being used for other purposes then the intended allocation.
Trading and Manufacturing Accounts standard operating procedures have not been documented and approved for some of these accounts, despite being used to pay for large value transactions.
“The operations of TMAs which were set up by the government years ago have not been reviewed in view of their need in the current business environment. Hence some Trading and Manufacturing accounts seem to have outlived their purpose”.
Some of the recurring issues were closing account balances not properly reconciled resulting in significant unexplained variances.