17 Dec 2019

Press Release 5

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I would like to make some clarifications of the 2017 and 2018 summary of audited Financials published on Friday 13 December through the Press Releases Issue number 3 and 4 of December 2019. I will also shed some light into why KPMG is the auditing firm approved by VNPF Board to audit VNPF Financial Accounts.

  1. The figures in the 2017 and 2018 audited summary are correct and accurate as they have been approved by VNPF Board on 27th November 2019.
  2. The summaries published were taken from the audited financial statements of 2017 and 2018 released by KPMG.
  3. As usual we release VNPF Audited Financial reports in the annual reports.

There has been a lot of misunderstanding created by the writers on the Facebook concerning the process of auditing. VNPF processes of auditing are:

  1. All accounts of our subsidies are submitted to VNPF
  2. These accounts together with VNPF financials are given to the auditors
  3. Auditors then do the audit of all VNPF activities and the subsidiaries
  4. Draft audited accounts are submitted to the Board for approval
  5. Approved accounts are sent to Parliament for approval

I have been called by so many derogative names for choosing KPMG Fiji to do the Annual Audit without any bases. The truth about KPMG:

  1. KPMG was chosen through open tender before I joined the Fund.
  2. KPMG started auditing from 2015.
  3. Their contract was renewed in 2018 again after a proper selection process was done.
  4. KPMG has now completed 4 audits under new international standards.
  5. Audit Fees for last 4 years are shown below:
  6. Year Audit Fees/remuneration (VT)
    The Fund
    2018 4,480,000
    2017 3,222,000
    2016 6,933,000
    2015 3,455,000
    Total 18,090,000

I will target the first sitting of parliament in 2020 for our accounts to be tabled in parliament. I also want to say that I am only here for 2 years but I have completed 4 accounts which are:

  1. 2015
  2. 2016
  3. 2017
  4. 2018

I am again attaching all financials for the last 2 years and those people, who are asking for 2019 reports please read the VNPF ACT because our end of 2019 is on December, 31st.

Parmod Achary
General Manager

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