State Owned Enterprises
What are State Owned Enterprises (SOEs)?
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Organizations created by the Kiribati government to carry out commercial activities.
What we do and How we do it?
Our responsibilities:
The SOE division is authorized by the Auditor General under Sec. 25 & 26 of the Kiribati Audit Act, 2017,
- To carry out the audit of submitted Annual Financial Statements of all SOEs in accordance with ISSAI auditing standards.
- To provide an audit report and furnish an opinion indicating whether the financial statements of an SOE exhibits a true and fair view and are prepared in compliance with the applicable accounting standards or governing legislation.
- setting forth any qualifications subject to which the opinion is given.
- Provide an Audited Financial Report and the Opinion to the SOE for their submission to the appropriate Minister.
Why we do it?
We are mandated under the Constitution 114 sec 2, the Kiribati Audit Act, 2017 and SOE Act, 2013 to audit all State Owned Enterprises both the listed SOEs according to the first schedule under SOE Act and the non-listed SOEs. Kindly refer the list of clients provided below:
Listed SOEs:
- Air Kiribati Ltd
- Betio Shipyard (defunct)
- Broadcasting and Publications Authority
- Captain Cook Hotel
- Central Pacific Producers Ltd
- Development Bank of Kiribati
- Kiribati Coconut Development Ltd (merge Kiribati Copra Mill Co. Ltd and KCCS)
- Kiribati Housing Corporations Ltd
- Kiribati Insurance Corporations Ltd
- Kiribati Oil Co. Ltd
- Kiribati Ports Authority
- Kiribati Green Energy Solutions Ltd (formerly Solar Energy Co. Ltd)
- Otintaai Hotel Ltd (defunct)
- Plant and Vehicles Unit
- Public Utilities Board
- Te Atinimarawa Co. Ltd
- Kiribati National Shipping Services Ltd (formerly Kiribati Shipping Services Ltd)
Non Listed SOEs:
- Kiribati Provident Fund
- Communications Commission of Kiribati
Please do not hesitate to contact us for more information.
Projects Auditing & NGOs
What We Do?
· Auditing of the Government Project Financial Statements.
How We Do it?
· Reviewing of the Financing Agreement (FA) between the Government and the respected Donors.
· We, also highlight and keep tracks of the Recipient and/or Implementing Agency obligations that clearly detailed in the FA.
· Ensuring that the Financial Statement are prepared in accordance with consistently applied accounting standards acceptable to the Association (Donors), both in a manner adequate to reflect the operations, resources and expenditures related to the Project.
· To ensure that the Project shall be implemented in accordance with the respected Donor’s guidelines, procedures, timetables and other specifications.
· Check that the withdrawal of the Grant follow the procedures as specified in the FA.
· Check that Project expenditures are actually spent according to the approved budget estimates.
· To express our opinion particularly on the Financial Affairs of the Projects.
Why We Do it?
· To ensure that project moneys are being spent efficiently and effectively, in accordance with the agreed FA, other governing rules and regulation.
· To assist in the accountability and transparency process by holding implementing agencies accountable for their work.
· It’s our mandatory to carry out the audit of the Government Project as stipulated under Section 22 of the Kiribati Audit Act 2017.
Client List
· PRCP – Pacific Regional Connectivity Program
· KOIFAWP – Kiribati Outer Island Food and Water Project
· GCF – Green Climate Fund Project
· KILGA – Kiribati Island Local Government Association
· PPASTWSP – Programmatic Preparation Advance for the South Tarawa Water Supply Project.
Etc.
Please do not hesitate to contact us for more information.
