Accounting is vital to business growth: Abel

By MARK HAIHUIE
DEPUTY Prime Minister Charles Abel says the accounting profession is important to the country in terms of the ideals it promotes in business and the public sector.
Yesterday, he opened the certified practising accountants PNG and certified practising accountants Australia PNG branch joint annual conference in Port Moresby.
“You are challenged with a rapidly changing world, and how you adapt our accounting methods and standards is very important,” Abel said.
“As accountants, we are faced with all these things. Accountants are a very important part of the fabric that is the economy for both private and public sector.
“You know that we are struggling with the transparency and some of the corruption issues and reporting.
“One of the 25 points in the 100-day plan was for all government agencies to get all their audited accounts up to date and have the ministers fulfill their responsibility by tabling them in Parliament at least by the middle of next year.
“I know our auditor-general is doing his best but he is swamped with these tasks. And many of our government agencies remain out of date in terms of this reporting requirements which are statuary requirements in law.
“And it also follows through to the state-owned corporations that also need to tidy up their books and make sure they are fully compliant in terms of reporting.”