Executive Summary
Results of Operations
The National Maritime Safety Authority recorded K39m in net profit in 2017, a K3m decrease from the 2016 result but still within the average industry performance for the financial period. This decrease is attributable to less number of vessels entering and leaving PNG ports that affected the revenue from the fees and levies.
Expansion/Development programs
The National Maritime Safety Authority is in the process of establishing Regional Offices in all Maritime Provinces. This development will enable the Authority to impose, regulate and monitor its functions in the Maritime Safety Standards. It will also enable the Authority to capture vessels entering PNG ports illegally that will boost the revenue for the Authority.
The National Maritime Safety Authority endeavours to implement new activities that will see the commencement of the Maritime Waterways Safety Project. The Project will install new additional navigational aids, replace existing navigational aids, improve safety information and hydrographical surveys. The Global Maritime Distress Safety System will also be developed. Emphasis will also be on the implementation of Small Craft Act to ensure safety of people travelling on the small crafts.
Audit Scope and Nature
Audit Scope
The audit was conducted in accordance with the International Standards on Auditing 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 in which the audit had been completed and issued in 2018 Audit Cycle.
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 Maritime Safety Authority for the year ended 31 December 2017 was issued on 24 July 2018. The report did not contain any qualification.