PNGAir announces new firm to conduct auditing for 2020

PNG Air will have a new auditing firm to audit its 2020 accounts, after Deloitte completes its audit of the 2019 accounts, a company statement says.
It said Deloitte had reached the maximum term in their contract.
“While they are still the current auditing firm working on the 2019 account, the new audit firm will begin audit with the 2020 accounts.” The name of the new auditing firm will be released to the market later.
It said the release of the 2019 and 2020 audited financial statements continued to be delayed, pending completion of the re-structuring of PNG’s Air external debts.
It is not possible to finalise the outstanding financial statements until they complete this re-structuring.
The re-structuring was necessitated by the reduction in aviation revenue associated with the Coronavirus pandemic and the general depressing state of the economy at the time.
According PNG Air, the restructuring is almost complete and it involves multiple creditors and shareholders. The restructuring will improve PNG Air’s financial position and will allow the airline company to move forward with various growth initiatives.
PNG Air chief executive officer Stanley Sevens said the reconstruction was progressing well with strong support from the private and private sectors and public sector creditors.