Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

    Fiji Institute of Accountants

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      Fiji


    2. Name of member body:
      Fiji Institute of Accountants

      Or please specify name:



    3. Individual responsible for preparation:
      Sikeli Tuinamuana


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      01 / 1972



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      CAPA



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: Companies Act
      b). the Enacting body: Parliament of Fiji
      c). date the Act or Code came into force: 01 / 1984


    25. How can IFAC obtain a copy of the Act or Code?
      Purchase from the Fiji Government Bookshop. We would be happy to assist.


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify): Public companies (as defined in the Companies Act, public companies generally refer to public interest entities and include listed entities).
      Private companies   Other (please specify):
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities
      Private companies Balance sheet, Profit and Loss Statement, Notes to the accounts for holding company and subsidiaries. Accounting standards are not mandatory; however, compliance with Fiji Accounting Standards is mandatory for members of Fiji Institute of Accountants who either work for or provide services to companies. Consequently, in general, medium and large entities use Fiji Accounting Standards.
      Governmental
      Not-for-profit
      Other (please describe) Public companies Balance sheet, Profit and Loss Statement, Notes to the accounts for holding company and subsidiaries. Accounting standards are not mandatory Accounting standards are not mandatory; however, compliance with Fiji Accounting Standards is mandatory for members of Fiji Institute of Accountants who either work for or provide services to companies. Consequently, in general, medium and large entities use Fiji Accounting Standards. At present, certain Fiji Accounting Standards do provide for differential reporting.
      Other (please describe)


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities
      Private companies
      Governmental
      Not-for-profit
      Other (please describe) Public companies Companies Act. Fiji Standards on Auditing
      Other (please describe)


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

      Capital Markets Development Authority Act (CMDA)
      Companies Act

    2. the Enacting body(ies)

      Parliament of Fiji

    3. the latest amendment date?

      CMDA Act - 1996
      Companies Act - 1983


    35. How can IFAC obtain a copy of the Legal authority?
      Purchase from the Fiji Government Bookshop. We would be happy to assist.


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:
      Additional supplementary information covering directors' shareholdings, distribution of shareholding, contribution by each subsidiary, location of share register and registered office.


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity Fiji Standards on Auditing 12/2002 Fiji Institute of Accountants
      Other (please describe) All other enterprises, including private companies, public companies, governmental bodies, not-for-profit bodies, etc Fiji Standards on Auditing 12/2002 Fiji Institute of Accountants
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Purchase from the Fiji Institute of Accountants

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (Fiji Institute of Accountants)


    44. For Fiji Institute of Accountants, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      An organisation established under the Fiji Institute of Accountants Act 1971

      b. Name of standards

      Fiji Standards on Auditing.

      Note: The Council of the Fiji Institute of Accountants has agreed to adopt ISAs from January 2006. Existing Fiji Standards on Auditing are based on ISAs.


    45. How many voting members does the standard-setting body have?
      9


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The Fiji Institute of Accountants appoints a Standards Committee that makes recommendations to the FIA. The Chairman of the Standards Committee is from the FIA Council. Other members are from accounting firms, Auditor General's office and industry.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The FIA Council appoints the Standards Committee.
      The individual members of FIA appoint the FIA Council members. The FIA Council members decide on the standards to be adopted.


    49. What is the term of appointment for members?
      3 Year(s)


    50. For how many years has the standard-setting body been in existence?
      33 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      n/a

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      n/a



    52. To what entity is the standard-setting body accountable?
      The Standards Committee reports to the FIA Council, which in turn reports to the individual FIA members.


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      No formal public exposure; however, the proposed standards are made available to FIA members for their consideration.

    2. accessibility of meetings (i.e., public or private)

      Not accessible to the public. The meetings are private.

    3. approval process for final standards (i.e., majority required to approve final standards)

      A majority decision of the FIA Council is required to approve the standards.

    4. other relevant due process activities

      FIA members are requested to make submissions on standards when a review process is taking place.


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      11 Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice Fiji Institute of Accountants Code of Ethics 07/2000 Fiji Institute of Accountants
      Professional Accountants in Business Fiji Institute of Accountants Code of Ethics 07/2000 Fiji Institute of Accountants
      Professional Accountants in the Public Sector Fiji Institute of Accountants Code of Ethics 07/2000 Fiji Institute of Accountants
      Other (please describe) All other members of FIA Fiji Institute of Accountants Code of Ethics 07/2000 Fiji Institute of Accountants

      a. How can IFAC obtain copies of these documents?

      Purchase from the Fiji Institute of Accountants

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Fiji Institute of Accountants)


    56. For Fiji Institute of Accountants, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      An organisation set up under the Fiji Institute of Accountants Act 1971

      b. Name of standards

      FIA Code of Ethics

      Note: the FIA Code of Ethics is based on the IFAC Code.


    57. How many voting members does the standard-setting body have?
      9


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      The FIA Council Appoints an Acts and Rules Committee who make recommendations to the FIA Council. The Chairman is from the FIA Council. The other members are drawn from the profession and industry.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The FIA Council appoints the Acts and Rules Committee. The FIA Council is appointed by the individual members of FIA at an AGM.


    61. What is the term of appointment for members?
      3 Year(s)


    62. For how many years has the standard-setting body been in existence?
      33 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      n/a

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      n/a



    64. To what entity is the standard-setting body accountable?
      As above


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      No formal exposure process; however, the proposed standard is made available to FIA members for their consideration.

    2. accessibility of meetings (i.e., public or private)

      Private meetings

    3. approval process for final standards (i.e., majority required to approve final standards)

      Majority of FIA Council is required for approval.

    4. other relevant due process activities

      FIA members are asked for submissions.


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      11 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
      Pre-school, primary school, secondary school, tertiary (university, technical colleges).
      The Government pays for tuition for primary and secondary schools; however, education is not compulsory.


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      FIA Rules


    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      Completion of an undergraduate degree, with specific completion of 20 accounting and related units
      Professional examinations
      Three post-graduate professional programme examinations are to be introduced for full members from January 2006.
      Practical experience
      3 years post-qualification practical accounting experience under the supervision of a full member
      Final qualifying examination
      Other (please describe) Services to the public
      To provide accounting services to the public, a full member has to be granted a certificate of public practice.


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe)


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      FIA Council

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      Refer previous pages

    2. How many voting members does the relevant body(ies) have

      9

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:

    4. For how many years has the body been in existence?

      33 Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe)

    72 a. How can IFAC obtain copies of these documents?
      Contact the FIA.

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify):


    80. What entity grants the license?


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government N/A N/A
      Ministry/department N/A N/A
      Statutory authority/agency N/A N/A
      Profit entity owned by government N/A N/A
      State governments N/A N/A
      Local governments N/A N/A
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      FIA members holding a public practice certificate are permitted to audit public sector entities; however, the FIA is currently involved with setting public sector accounting standards.

      b. Are the documents available in English?
      Yes   No



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity Fiji Accounting Standards 01/2002 Fiji Institute of Accountants
      Other (please describe) Fiji Accounting Standards 01/2002 Fiji Institute of Accountants
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      From FIA

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (Fiji Institute of Accountants)


    95. For Fiji Institute of Accountants, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      As previous

      b. Name of standards

      Fiji Accounting Standards.

      Note: The Council of the Fiji Institute of Accountants has agreed to adopt IASs and IFRSs from January 2006.


    96. How many voting members does the standard-setting body have?
      9


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      As previous


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      As previous


    100. What is the term of appointment for members?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      20 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Not specified

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      N/A



    103. To what entity is the standard-setting body accountable?
      As previous


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      No formal exposure of proposed standards; however, proposed standards are made available to FIA members for their consideration.

    2. accessibility of meetings (i.e., public or private)

      No

    3. approval process for final standards (i.e., majority required to approve final standards)

      Majority of FIA Council required for approval of standards

    4. other relevant due process activities

      Submissions requested from members


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      11 Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      Capital Markets Development Authority (CMDA)


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      IPOs and listing of entities - CMDA ensures that accounting, reporting and auditing requirements are met.


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      None

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

      None



    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      South Pacific Stock Exchange



    Section 10B -- Stock Exchange
    South Pacific Stock Exchange Details


    110. For South Pacific Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

      SPSE requires that annual reports of listed entities, including audited financial statements, are lodged with SPSE within four months of balance date.

    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

      SPSE may levy fines for non-compliance.

    3. How enforcement actions are administered.

      By SPSE directly with the listed entities.



    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?



    2. The number of members on the oversight body



    3. Its powers



    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations



    5. The sanctions the oversight body may impose in the event of non-compliance



    6. How the oversight body is accountable to any public institution or body



    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      Reserve Bank of Fiji (RBF) RBF has set specific reporting requirements for banks and financial institutions. Apart from those requirements, banks and financial institutions also comply with the Companies Act and Fiji Accounting Standards.


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      RBF was created by legislation and its powers to regulate banks and financial institutions is contained in its Act.


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      Specifies the minimum audit procedures in certain aspects of the audit, such as reporting requirements, regularity of meetings between auditor and bank.

    2. accounting and auditing standard-setting

      None; however, the RBF does specific additional requirements relating to disclosure of annual information in table form.

    3. review of financial statements prepared by listed entities

      None

    4. enforcement of accounting, reporting and auditing requirements

      RBF enforces its own requirements.



    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      Reserve Bank of Fiji


    116. What is the source of Legal authority of the regulatory authority(ies)?
      Refer previous


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession

      Refer q 114

    2. accounting and auditing standard-setting

      None

    3. review of financial statements prepared by listed entities

      None

    4. enforcement of accounting, reporting and auditing requirements

      As for q 117



    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      Reserve Bank of Fiji


    119. What is the source of Legal authority of the regulatory authority(ies)?
      As previous


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      As previous

    2. accounting and auditing standard-setting

      As previous

    3. review of financial statements prepared by listed listed entities

      As previous

    4. enforcement of accounting, reporting and auditing requirements

      As previous



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      None


    122. What is the source of Legal authority of each regulatory authority?


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession



    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed listed entities



    4. enforcement of accounting, reporting and auditing requirements




    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.

      The FIA has a Surveillance Panel operating under the ambit of its Standards Committee. The Panel reviews public financial statements for compliance with Fiji Accounting Standards, Companies Act, South Pacific Stock Exchange requirements.



    125. Under what authority does the organization conduct the program of quality assurance review?
      As part of FIA


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?
      Independent panel of FIA members



    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.
      FIA Investigation Committee, FIA Disciplinary Committee, FIA Council (for appeals)


    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?
      9


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Best persons available. Chairpersons are members of the FIA Council.


    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      FIA Council


    134. What is the term of appointment for members?
      1 Year(s)


    135. For how many years has the body been in existence?
      32 Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Not specified

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      Not specified (specify currency)



    137. To what entity is the body accountable?
      FIA Council is accountable to its members


    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      11 Day(s)



     

     

    Disclaimer

    The information contained within the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaires, Part 2 SMO Self-Assessment Questionnaires, and Part 3 SMO Action Plans are based entirely on information provided to IFAC by the IFAC member or associate to which the information relates. Further, the information has been collected by IFAC for the exclusive use and benefit of IFAC and IFAC's members and associates, but is being made available through this website to the general public in the interest of transparency of the IFAC Member Body Compliance Program. While certain efforts are made to validate the information, IFAC undertakes no obligation to confirm or investigate the completeness or accuracy of any of the content of the questionnaire or action plan, now or at any time in the future. Persons accessing the questionnaire or action plan assume full responsibility for the use of the information set forth herein. IFAC does not make any express or implied warranties or representations whatsoever as to any information provided through the questionnaire or action plan, including, without limitation, that the information contained herein will be error-free. IFAC shall not be liable for any damages, including, without limitation, direct, indirect, incidental, special, punitive or consequential damages, that result in any way from your use or reliance on information provided in the questionnaire or action plan. If you need to rely on the information set forth herein for any purpose, you are urged to confirm the information set forth herein with other sources.

    * Indicates organizations that qualify to submit SMO Action Plans biennially

  •  
 

Important Note: Please read our website Terms of Use.

ALL RIGHTS ARE RESERVED. You may not reproduce, store or transmit in any form or by any means, electronic or otherwise, including photocopying, recording, or storage in any type of reference or information retrieval system, nor may you translate, modify or create derivative works or adaptations based on the text of any file, or any part thereof, without the prior written permission of the International Federation of Accountants (IFAC). Please direct permission requests to permissions@ifac.org. See also Permissions Information.