Executive Summary
Results of Operations
The National Economic & Fiscal Commission recorded K346,051 in net surplus in 2017, a K227,759 decrease from the 2016 result but still within average performance for the financial period. This decrease is mainly attributed to the decrease in Government Grants.
Expansion/Development programs
The National Economic & Fiscal Commission has continued to seek innovative initiatives to promote ongoing government reforms. The NEFC use the Regional Workshops to raise awareness of lesser known sectors which contributed to the delivery of services.
The NEFC has been collaborating with major stakeholders like health, education, churches, courts and others for better service delivery by the Government to the people of Papua New Guinea.
Audit Scope and Nature
Audit Scope
The audit was conducted in accordance with the Audit Act 1989, International Standards onAuditing and the promulgated best business practices.
Nature of audit
The engagement is an assurance audit engagement in compliance with the Audit Act, 1989 (as amended) and Public Finances (Management) (Amendment) Act, 2016.
Period of reporting
The period of reporting covers for the financial year ended 31 December 2017 and the audit has been completed and the Reports were issued on the 24 July, 2018.
Results of Audit
Audit Opinion
The Audit report in accordance with the provisions of the Audit Act, 1989 (as amended) on the financial Statements of the National Economic & Fiscal Commission for the year ended 31 December 2017 was issued on 24 July 2018. The report did not contain any qualification.