Catalog

Diagnostic Study of Accounting and Auditing Practices in the Republic of the Fiji Islands

E-mail or fax the Publications Unit at + 632 636 2648 to order the printed version of this publication. Applicable shipping cost will be charged. View Document  Books, Periodicals, Studies, and Reports On-line edition: Free of Charge Hardcopy price: $10.00 ISBN: 971-561-464-7 Pub. Date: 2002 In stock

This report describes accounting and auditing arrangements in the Fiji Islands, identifies deficiencies in those arrangements, and presents recommendations to address those deficiencies.

While the Fiji Islands' accounting and auditing arrangements generally compare well with those of other countries, improvements could be made in two broad areas:

1. Preemptive legislative and institutional actions could strengthen financial reporting arrangements.
2. Since the Fiji Islands lacks appropriate professional certifications for bookkeepers and accountants, the study recommends establishing appropriate Pacific-wide professional certifications for bookkeepers and accountants.

SEE ALSO

Diagnostic Study of Accounting and Auditing Practices Series Financial Management and Governance Issues Series

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Contents

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Foreword, Contents, and Executive Summary [ PDF:281kb | 22 pages ]

1. Introduction [ PDF:190kb | 13 pages ]
   1. Study Background
   2. Objectives
   3. Scope
   4. Country Case Studies and Workshop
   5. The Fiji Islands
   6. Financial Governance: Issues and Challenges
   7. ADB Focus on Financial Governance in the Fiji Islands
   8. International Guidelines and Surveillance
   9. Report Structure

2. Accounting and Auditing in the Fiji Islands [ PDF:222kb | 17 pages ]

   Part One. Accounting

   1. Introduction
   2. The ‘Fiji Islands Accounting System’
   3. Quality of Financial Reporting and Disclosure
   4. Bookkeepers and Accountants

   Part Two. Auditing

   1. Introduction
   2. Fiji Islands’ Auditing Practices
   3. Auditor Qualifications
   4. Office of the Auditor General (OAG)
   5. Accounting and Auditing Firms
   6. Issue Synopsis: Accounting and Auditing Arrangements

3. Professional Infrastructure [ PDF:212kb | 12 pages ]
   1. Introduction
   2. Professional Regulation and Organization
   3. Fiji Institute of Accountants (FIA)
   4. FIA Membership and Entry Criteria
   5. Institute of Public Sector Accountants of Fiji (IPSAF)
   6. Professional Quality Control and Assurance
   7. Registered Tax Agents (RTAs)
   8. Challenges and Responses: The FIA Corporate Plan
   9. Issue Synopsis: Professional Infrastructure

4. Accounting and Auditing Standards [ PDF:195kb | 9 pages ]

   Part One. Accounting Standards

   1. Introduction
   2. Accounting and Auditing Standards Committee(AASC)
   3. Accounting Standard Setting Process
   4. Fiji Accounting Standards (FASs)
   5. Conformity with International Accounting Standards (IAS)
   6. Public Sector Accounting Standards
   7. Taxation Reporting Requirements

   Part Two. Auditing Standards

   1. Introduction
   2. Comparison with International Standards on Auditing (ISA)
   3. Issue Synopsis: Accounting and Auditing Standards

5. Accounting and Auditing Training [ PDF:196kb | 12 pages ]
   1. Introduction
   2. International Standards and Guidance on Accountancy Education
   3. University of the South Pacific (USP)
   4. Fiji Institute of Technology (FIT)
   5. Fiji National Training Council (FNTC)
   6. Foreign Training Institutions
   7. Government Accountant Service Examinations
   8. Government Training Activities and Initiatives
   9. ADB Experience with Pacific Capacity Building
   10. Issue Synopsis: Accounting and Auditing Education and Training

6. Government Budgeting and Accounting [ PDF:155kb | 7 pages ]
   1. Introduction
   2. Legal and Institutional Framework and Roles
   3. Accounting Basis and Accounting Information Systems
   4. Government Accounting Personnel
   5. The Financial Management Reform (FMR) Program
   6. Issue Synopsis: Government Budgeting and Accounting

7. Donor Assistance [ PDF:169kb | 7 pages ]
   1. Overview
   2. Coordination Mechanisms
   3. Asian Development Bank
   4. World Bank
   5. United Nations Development Programme (UNDP)
   6. Pacific Financial Technical Assistance Center (PFTAC)
   7. Australia (AUSAID)
   8. European Union
   9. New Zealand (NZAID)

8. Issues and Recommendations [ PDF:128kb | 5 pages ]

   Part One. Where Donor Assistance Might be Appropriate

   1. Strengthen Accounting Standards and Financial Disclosure Requirements
   2. Review and (if necessary) Strengthen Auditing Practices
   3. Introduce Quality Assurance Mechanisms
   4. Develop Appropriate Bookkeeping and Accountancy Certifications
   5. Implement Training Program for Government Accountants

   Part Two. Where External Assistance is Not Required

   1. Extend the RBF Supervision Regime to All Financial Institutions
   2. Educate IASB on the Fiji Islands Differential Reporting Approach
   3. Retain Focus of OAG Activities

9. Main Deficiencies and Action Plan [ PDF:68kb | 1 page ]

References and Appendixes [ PDF:389kb | 49 pages ]