Press Release 5
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.
- 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.
- The summaries published were taken from the audited financial statements of 2017 and 2018 released by KPMG.
- 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:
- All accounts of our subsidies are submitted to VNPF
- These accounts together with VNPF financials are given to the auditors
- Auditors then do the audit of all VNPF activities and the subsidiaries
- Draft audited accounts are submitted to the Board for approval
- 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:
- KPMG was chosen through open tender before I joined the Fund.
- KPMG started auditing from 2015.
- Their contract was renewed in 2018 again after a proper selection process was done.
- KPMG has now completed 4 audits under new international standards.
- Audit Fees for last 4 years are shown below:
|Year||Audit Fees/remuneration (VT)|
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:
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.