Filetype Power Point PPTX | Posted on 09 Aug 2022 | 3 years ago
Authentication
digital resources
156x Filetype PPTX File size 0.38 MB Source: www.ffa.int
Management letter Executive Summary Observations identified during Observations identified during Appendices
current year prior year
BSP Suva Central Telephone+679 892 6350
Renwick Road Fax +679 330 1312
Suva Email An audit does not identify all matters that may be relevant to the
suvaoffice@kpmg.com.fj board members, directors and management. Directors and
P.O. Box 32 management should not assume that reports from us indicate
Suva that there are no additional matters they should be aware of in
Fiji meeting their responsibilities, nor does this letter absolve them
from taking appropriate action to meet their responsibilities.
The Forum Fisheries Committee
Pacific Islands Forum Fisheries Agency We have prepared this letter solely for the use of Pacific Islands
P O Box 629 Forum Fisheries Agency and it should not be copied, shown to,
Honiara referred to or quoted to any other party in whole or in part,
Solomon Islands without our prior consent in writing. KPMG accepts no
responsibility to anyone other than Forum Fisheries Agency for
the information contained in this letter.
2 May 2022 We shall be pleased to discuss any of the matters raised further.
Chairman and Committee Members We would like to take this opportunity to thank management and
staff of Forum Fisheries Agency for the help and assistance
Management Letter for the year ended 30 June 2021 provided to us during the course of our audit.
Yours faithfully,
We have recently concluded our audit of the Pacific Islands Forum
Fisheries Agency (“the Secretariat” or “FFA”) financial statements
for the year ended 30 June 2021. The purpose of this letter is use
our knowledge of the Company to make useful comments and Michael Yee Joy
observations for your consideration. The matters set out in the Partner
following pages have been discussed with management, whose
comments are included in the section headed “Management cc:
Response”.
Our audit procedures were designed to enable us to express an
opinion as to whether the financial report, as a whole, is a true
and fair view, in accordance with the International Accounting
Standard (ISA) and International Public Sector Accounting
Standards (IPSAS) .The controls tested during our audit were
based on their relevance to the financial statements and not to
express an opinion on the effectiveness of internal controls.
© 2022 KPMG, a Fiji partnership, is part of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English 2
company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG
global organisation.
Management letter Executive Summary Observations identified during Observations identified during Appendices
current year prior year
Contents
Contents
Management Letter 2
Your KPMG Executive Summary 7
Observations identified during current year 9
Michael Yee Joy Observations identified in prior year
Partner 12
Team
Office: +679 892 6350
myeejoy@kpmg.com.au Closed Observations
Mobile: +679 999 6383 20
Appendices 22
Mehul Tailor
Senior Manager
Office: +679 892 6350
mtailor@kpmg.com.au
Mobile: +679 947 4844
Click on this symbol to bring you back to this
page.
© 2022 KPMG, a Fiji partnership, is part of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English 3
company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG
global organisation.
Management letter Executive Summary Observations identified during current Observations identified during prior year
year
Audit highlights
Assessment of significant risks Page 5
Changes in our assessment of the significant risks of material
misstatement compared to our prior year audit are outlined below. $34
$34
Materiality
Risk Risk change 5k
5k
Project spending not aligned with Stable Page 6
Page 6
donor agreements/ contracts $25
Reporting $25
threshold 8k
8k
Page 6
Page 6
© 2022 KPMG, a Fiji partnership, is part of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent 4
member firms of the KPMG global organisation.
Management letter Executive Summary Observations identified during current Observations identified during prior year
year
Audit focus areas
Our risk assessment
Potential key audit matters High
Project spending not aligned s
E t
1 with donor agreements/ E n
contracts e
E
E m 1
E
E e
t
a
Other significant audit t
s
matters l
a
i
c
2 Management override of n
F
F a 2
controls n
i
f
F n
F o
t
c
E a
E p
m
i
l
E a
E i
t
n
E
E e
t
E
E o
P
E
E
E
E Low Likelihood of material misstatement High
E Significant risk due to error
E
F Significant risk due to fraud
F
© 2022 KPMG, a Fiji partnership, is part of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent 5
member firms of the KPMG global organisation.
Management letter Executive Summary Observations identified during current Observations identified during prior year
year
Materiality
Materiality as a % of… Deficit $(730,1Materiality $345K
19) (2020: $376,000)
12
11 (2020: Surplus of
$610,332)
10 $345K
Materiality for the
financial statements
9 as a whole
(2020: $376,000)
8
% 7
30
6
5 $258K
25 Performance materiality
4 (2020: $282,000)
3 20 %
2 Current year
1 15 Prior year $17K
Misstatements reported
0 to the audit committee
Net (2020: $18,000)
Total Total
expenses Revenue assets 10
Our materiality levels
We will report:
Materiality represents the level at which we think misstatements will reasonably influence users of
5 – Corrected audit misstatements
Company’s financial statements. It considers both quantitative and qualitative factors.
To respond to aggregation risk, we design our procedures to detect misstatements at a lower level of – Uncorrected audit misstatements
materiality. We also adjust this level further downwards for items that may be of specific interest to – Errors and omissions in disclosure
users for qualitative reasons, such as directors’ remuneration. (corrected and uncorrected)
© 2022 KPMG, a Fiji partnership, is part of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent 6
member firms of the KPMG global organisation.
no reviews yet
Please Login to review.
