SUNBIZ

Fiji Television Distances Itself From Audit Issue

Fiji Institute of Accountants earlier confirmed receipt of a complaint against Fiji Television’s external auditors.
25 Apr 2021 10:22
Fiji Television Distances Itself From Audit Issue
Fiji Television Limited at Brown Street Suva. Photo: Ronald Kumar

Fiji Television Limited has distanced itself from reports concerning its external auditor, and alleged irregularities in financial reports presented on behalf of the company to the South Pacific Stock Exchange.

Fiji Television chairman Deepak Rathod yesterday said the matter, which came to light following a complaint from the South Pacific Stock Exchange (SPX), had nothing to do with the television company.

Fiji Institute of Accountants earlier confirmed receipt of a complaint against Fiji Television’s external auditors.

The institute said the letter of complaint emanated from the email address of SPX’s acting chief executive officer, Pretesh Prasad.

Mr Prasad has not responded to queries from SunBiz, nor telephone calls that were made as recent as yesterday.

Strictest confidence

Fiji Institute of Accountants said complaints or issues raised with them are treated with the strictest confidentiality and forwarded to the instiute’s investigation committee for an independent investigation.

The auditing firm was cited in the letter of complaint about alleged misinformation in Fiji Television’s accounts.

The letter called for a restatement of the financial figures for 2018 and 2019, which failed to declare subsequent events..

The written complaint sent over a week ago also called for a restatement of financials for 2018 and 2019, and failure to dclare subsewuent events.

Investigation committee

The Fiji Institute of Accountants said the processes involved in handling such matters were prescribed in the FIA Act.

“It must be noted that the institute membership admission is done based on individual capacity and not of an organisation,” the institute said.

The council appoints the investigation committee and the disciplinary committee.

Both committees are made up of council members and chartered accountants who are not council members, in accordance with the FIA Act.

Independence

The investigation committee conducts its independent investigations to determine whether the matter should be referred to the disciplinary committee.

The disciplinary committee has specific powers under the FIA Act to perform its duties.

Decisions of the disciplinary committee may be appealed to the council, the institute said.

Discretion 

According to the institute, the appointment of an auditor is at the discretion of the organisation.

“However, the auditor must be registered with the institute as a holder of a certificate of public practice,” Fiji Institute of Accountants said.

Fiji Television, a listed company, lifted a trading suspension in March when its annual audited financials for 2020 were re-issued.

Fiji Institute of Accountants is expected to announce its official position on the matter this week.

Feedback: frederica.elbourne@fijisun.com.fj



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