The Real Estate Agents Licensing Board (REALB) is currently facing challenges in completing its financial audits due to staff shortages and the absence of crucial records. Acting Assistant Auditor-General Mohammed Firoz highlighted that a significant roadblock in auditing the historical accounts of REALB has been the lack of sufficient supporting documentation. This issue was brought to light during a submission to the Standing Committee on Public Accounts.
Firoz stated, “Most of the documents we require for auditing backlog accounts are not available. Additionally, errors identified in the backlog audit are not being addressed effectively in the financial statements.” This situation has been exacerbated by delays in rectifying issues raised during audits, affecting the board’s ability to provide accurate financial reporting.
REALB Registrar Peni Komainavoka responded to these concerns, indicating that efforts are being made to address the issues. He noted, “The delays are, to some extent, out of our control,” referring to complications faced by external auditors in finalizing reports and implementing corrective measures necessary for submitting accurate financials. In a bid to overcome these obstacles, REALB has enlisted a new external auditor to examine its financial records spanning from 2017 to 2021. Moreover, the board is actively digitizing its records to enhance efficiency in financial reporting.
The aim is to submit the updated financial statements to the Office of the Auditor-General (OAG) by the first quarter of the upcoming financial year. This approach not only strives to remedy the current backlog but reflects a committed initiative towards enhancing financial governance within REALB.
Similar challenges have affected various sectors in Fiji, with other organizations like the iTaukei Affairs Board and the Sugar Industry Tribunal also grappling with audit backlogs and staffing shortages. The trends underline a broader issue within financial accountability across governmental and regulatory bodies, which have been encouraged to strengthen their compliance frameworks.
Despite existing hurdles, the proactive steps taken by REALB and other bodies signify a hopeful outlook for improved financial management and transparency in Fiji’s regulatory landscape. This ongoing commitment to addressing inefficiencies is crucial for restoring public trust and ensuring that all organizations can effectively fulfill their financial obligations.
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