PNG Ports achieves milestone for ‘true, fair’ financial report

PNG Ports Corporation Limited has welcomed the auditor-general’s report on its accounts for the year ending Dec 31, 2016, saying it is a “significant achievement” to have a good and fair report two years in a row.
Auditor-General Philip Nauga said in his report: “In my opinion, the financial statements by PNG Ports Corporation Limited for the year ended December 31, 2016, give a true and fair view of the financial position of its operation and cash flows for the year ended on that date.
“And the financial statements have been presented in accordance with the Companies Act 1997, International Financial Reporting Standards and other generally accepted accounting practices in PNG.”
PNG Ports managing director Stanley Alphonse said it was the second year in a row in which they have received an “unqualified opinion” on the audit.
When he took office in April 2012, Alphonse had to clear audits from 2009 to 2011.
PNG Ports achieved a “qualified audit opinion” for the first time in the 2011 accounts.
The other significant financial management milestone included carrying out an asset verification exercise for ports in 2014 and a revaluation of all its property, plant and equipment assets in 2015.