Governance

Financial Management and Governance Issues in Papua New Guinea

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This report describes accounting and auditing arrangements and practices in Papua New Guinea, identifies deficiencies in those arrangements, and presents recommendations to address those deficiencies.

SEE ALSO

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

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Contents

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Foreword, Contents, and Executive Summary [ PDF:979kb | 13 pages ]

1. INTRODUCTION [ PDF:20kb | 4 pages ]
   1. Study Background
   2. Objectives
   3. Scope
   4. Country Case Studies and Workshops
   5. ADB Focus on Financial Governance in PNG
   6. Papua New Guinea

2. ACCOUNTING AND AUDITING IN PNG [ PDF:46kb | 16 pages ]

   Part One. Accounting

   1. Introduction
   2. Companies Act 1997
   3. Exempt Companies
   4. Generally Accepted Accounting Practice [GAAP]
   5. Contents of the Annual Report
   6. Accounting for Banks and Financial Institutions
   7. Accountants Registration Board of Papua New Guinea
   8. Accountants – Registration and Qualifications

   Part Two. Auditing

   9. The Auditor-General
   10. Private Sector
   11. International Accounting and Auditing Firms

3. PROFESSIONAL INFRASTRUCTURE [ PDF:40kb | 12 pages ]
   1. The Papua New Guinea Institute of Accountants
   2. Australian Society of CPAs – Papua New Guinea Branch

4. ACCOUNTING AND AUDITING STANDARDS [ PDF:28kb | 6 pages ]
   1. Introduction
   2. International Public Sector Accounting Standards
   3. Accounting Standards Board
   4. International Accounting Standards
   5. PNG Accounting Standards
   6. Auditing Standards

5. ACCOUNTING AND AUDITING TRAINING [ PDF:50kb | 15 pages ]
   1. Introduction
   2. Institutional Training Establishments
   3. Entry Requirements
   4. Public Sector Training
   5. University of Papua New Guinea
   6. The PNG Institute of Public Administration
   7. Pacific Adventist University
   8. Planning Proposal – School of Business Studies
   9. Institute of Business Studies
   10. Divine Word University – Madang
   11. Papua New Guinea Institute of Accountants

6. GOVERNMENT BUDGETING AND ACCOUNTING [ PDF:32kb | 8 pages ]
   1. Introduction
   2. Constitution of the Independent State of PNG
   3. Public Finances Management Act
   4. Department of Finance and Treasury (DFT)
   5. Information Systems
   6. Budget Procedures
   7. The Public Accounts Committee
   8. Corruption Issues in the Public Service

7. DONOR ASSISTANCE [ PDF:27kb | 6 pages ]
   1. Introduction
   2. Overview
   3. Financial Management Improvement Program
   4. Financial Management Project
   5. Funding of FMP
   6. The PNG Government Structural Reform Program
   7. ADB Technical Assistance

8. ISSUES AND RECOMMENDATIONS [ PDF:38kb | 9 pages ]

   Part One. Where External Assistance Might be Appropriate

   1. Development of Public Sector Training – PNGIA
   2. Accounting Education Requirements
   3. Training for Accounting Lecturers and Professors
   4. Forensic Audit – Auditor-General's Office

   Part Two. Matters Where Donor Assistance is Not Required

   5. Papua New Guinea Public Sector Accounting Standards
   6. Establish Public Sector Accounting Standards Board
   7. Establish Accountant-General Position within the Department of Finance and Treasury
   8. The Accountants Act 1996
   9. Public Accounts Committee
   10. ADB Anti-corruption Policy

9. MAIN DEFICIENCIES AND ACTION PLAN [ PDF:22kb | 1 page ]

REFERENCES AND APPENDIXES [ PDF:147kb | 56 pages ]