Accountants need to be scrutinized-PM

Accounting firms and auditors will soon be scrutinized by an independent institution.

While opening the Fiji Institute of Accountants Congress at the Shangri-La Fijian Resort in the last hour, Prime Minister Commodore Voreqe Bainimarama revealed that cabinet has approved the creation of a legal framework to establish the independent body to set standards for the accounting profession, to monitor, hear complaints and institute disciplinary proceedings.

Commodore Bainimarama said the Independent Financial and Auditing Services Commission or IFASC is expected to be funded by the accounting profession.

He said cabinet has directed the Office of the Attorney General to prepare the necessary law to set up the new independent commission and to help monitor compliance and impose sanctions against misconduct and malpractice in the accounting profession.

The Prime Minister again asked the accountants attending the congress today whether they continue to overlook certain irregularities by clients and fellow practitioners which constitute dubious actions, negligence and misrepresentation to the public.

Commodore Bainimarama said the members of the Fiji Institute of Accountants are currently responsible for judging their own members for profession misconduct and for breaches of accounting standards established by them.

He said as seen with the Fiji Law Society, the practice of allowing the members of the same profession to initiate disciplinary action against themselves is largely ineffective.

Story by: Vijay Narayan and Tokasa Rainima