Report raises a lot of questions

THE Auditor-General’s report for 2015 tabled in Parliament last week raises a lot of issues in accounting fundamentals in book-keeping and reporting by public bodies.
From the outset, there appears to be widespread revelation of discrepancies between what is reported in their annual financial reports and what is established in an audit.
Notable disagreements found in the audit report were: significant differences in book value against actual physical assets; Funds were disbursed without valid legal clauses provided in contracts; instances of correctness and basis of payments for contracts reported in financial statements have not been ascertained.
Financial arrangements had no legal basis and no documentary evidence to legitimate funding is non-existent.
These findings are inevitable and rampant amongst institutions of government.
It is worth noting that the discrepancies reported are valued over hundreds of million kina.
This is significant and warrants serious consideration.
Relevant authorities must look into the financial affairs and conduct of these institutions based on the auditor’s report.
When government establishments are not complying in their reporting than it only questions the accountability and transparency of the institutions.

Killo Wangon, Via email