Auditor praises cocoa board

THE Cocoa Board of Papua New Guinea has made a significant breakthrough in accountability and transparency by receiving its audited financial statements for 2008-10 from the auditor-general’s office last Friday.
In the past, the board has been subjected to criticisms from the government, stakeholders and the public for allegations of misuse and abuse of public funds.
The management said board audits were outstanding from 1996 to 1999 because of the twin volcanic eruptions in East New Britain as the office was moved to Madang then back to Kokopo in 1998.
Many documents had been misplaced during that period.
In 2003, the audit of 1996 was certified by the auditor-general but audits for 1997 to 2002 were outstanding.
Acting chief executive officer Barnabas Toreu said the establishment of the World Bank impact projects in PNG in 2006 put pressure on the board to be up-to-date with its audits in order for the bank to invest in the country.
“The board is happy to comply with management of public funds; we want to be registered and move as far as government instrumentalities are concerned.”
Assistant auditor-general Joe Wak said the board’s audits were problematic for many years but that situation had been turned around.
 “The industry you operate is very important for Papua New Guineans and I commend you for your accountability,” he told the board.
“I can safely say that a lot of government organisations do not provide  financial statements on time.”
The board presented its 2011 financial statement to the auditor-general to ensure
the board received a report by the end of the year.