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Saturday, September 01, 2007

FNPF Board comments on Audit Report

The Fiji National Provident Fund Board is currently evaluating the Ernst & Young Audit Report on the Fund's operations and investments which was commissioned by the Interim Government early 2007.

The following is an excerpt taken from a notice put out by the Fund in the Fiji Times of Thursday, 30 August 2007.

"The major objectives of the audit were to :
  • investigate major investment projects undertaken by the Fund, ascertaining any shortcomings, deficiencies or excessive risks arising from these investments;
  • review the purchasing and procurement processes to ensure that they are in accordance with established policies & procedures and benchmarking to best practices; and
  • identify discrepancies relating to entitlements and benefits for senior management and past Board members.

In relation the Fund's investments, the report identified a number of governance, control, and structural weaknesses that potentially expose FNPF to unnecessary risks."

For more information, pls contact the Fund's Board Secretary on telephone (679) 3307811.

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