Fiji Institute of Chartered Accountants

The Fiji Institute of Chartered Accountants (FICA) reports that statutory auditors are subject to independent quality assurance reviews through its Peer Review Program, which applies to members who hold a Certificate of Public Practice (CPP).

FICA engages an independent external reviewer to conduct periodic reviews of a sample of audit engagements performed by its members, including those working in large audit firms. The program is designed to assess compliance with applicable auditing standards and professional requirements and to promote improvements in audit quality.

In addition to its peer review program, FICA supports practitioners through professional development activities and technical guidance. The Institute organizes workshops and training sessions for practitioners who audit public companies and makes relevant auditing standards and implementation guidance available to its members.

Current Status: Sustain

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for establishing initial professional development (IPD) and continuing professional development (CPD) requirements for professional accountants in Fiji.

FICA reports that its education and training framework is aligned with the International Education Standards (IES) issued by IFAC. The Institute works closely with local universities, including the University of the South Pacific, University of Fiji, and Fiji National University, to support the development and delivery of accounting education programs. FICA engages with these institutions to review the quality and content of accountancy education programs and to promote alignment with professional qualification requirements.

This engagement includes periodic reviews of university curricula to ensure that accounting education programs remain consistent with professional competency requirements. In addition, FICA establishes continuing professional development requirements for its members to support the maintenance and enhancement of professional competence.

Through these activities, FICA demonstrates ongoing processes to support the implementation of the International Education Standards in Fiji.

Current Status: Sustain

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for adopting auditing standards in Fiji. FICA has adopted the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB) for application in the jurisdiction. ISA are required to be applied in all statutory audits conducted under the Companies Act.

To support the implementation of ISA, FICA communicates updates and pronouncements issued by the IAASB to its members through professional publications, technical guidance, and the Institute’s website. FICA also provides implementation support through professional development programs and training activities intended to assist members in applying ISA in practice.

In addition, FICA’s peer review program for members who hold a Certificate of Public Practice provides a mechanism for monitoring compliance with auditing standards and identifying areas where additional support or guidance may be beneficial. Through these activities, FICA demonstrates ongoing processes to support the implementation and application of ISA by practitioners in Fiji.

Current Status: Sustain

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for establishing ethical requirements for professional accountants in Fiji. FICA has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) for application by its members.

FICA supports the implementation of the Code through professional development activities, including ethics seminars, training sessions, and continuing professional development programs for members. Updates and pronouncements issued by the IESBA are communicated to members through professional publications, technical committees, and the Institute’s website.

Through these activities, FICA promotes awareness and application of ethical requirements among professional accountants in Fiji and supports the ongoing implementation of the IESBA Code in practice.

Current Status: Sustain

The Fiji Institute of Chartered Accountants (FICA) does not have direct responsibility for establishing public sector accounting standards in Fiji.

FICA reports that it has previously engaged with government stakeholders, including the Office of the Auditor-General, to promote the adoption of the International Public Sector Accounting Standards (IPSAS) issued by the International Public Sector Accounting Standards Board (IPSASB). These engagements have included discussions with government officials and support for initiatives aimed at strengthening public sector financial reporting.

While FICA has undertaken some advocacy activities in the past, available information indicates that there has been limited progress toward the adoption of accrual-basis IPSAS in the jurisdiction.

Going forward, FICA should consider continuing to engage with relevant government authorities and public sector stakeholders to promote awareness of IPSAS and support initiatives aimed at strengthening public sector financial reporting in Fiji.

Current Status: Sustain

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for establishing and administering an investigation and disciplinary (I&D) system for its members. Although the FICA has established an I&D system for its members, and reports alignment with most of the requirements of SMO 6 except that the results of the investigation and disciplinary cases are not made public.

The Act provides the legal framework for addressing complaints against members and outlines procedures for investigation and disciplinary action. FICA has established both an Investigation Committee and a Disciplinary Committee to carry out the functions of the I&D process. The Investigation Committee is responsible for investigating complaints against members, while the Disciplinary Committee has the authority to impose sanctions, including reprimands, suspension of membership, financial penalties, and removal from the register of members.

FICA is encouraged to explore closing the gap in the I&D system.

Current Status: Review & Improve

Under the Fiji Institute of Chartered Accountants Act 2021, the Fiji Institute of Chartered Accountants (FICA) is responsible for adopting accounting standards in Fiji.

FICA has adopted International Financial Reporting Standards (IFRS) and IFRS for Small and Medium-sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board (IASB) for application in the jurisdiction. These standards are required to be applied by companies in the preparation of financial statements in accordance with the Companies Act.

To support implementation of accounting standards, FICA’s Accounting and Auditing Standards Committee communicates updates and pronouncements issued by the IASB to members through professional publications and the Institute’s website. FICA also provides implementation support through seminars and professional development activities on IFRS and IFRS for SMEs.

In addition, FICA supports monitoring of financial reporting practices through its Surveillance Panel, which reviews the preparation of financial statements in the jurisdiction.

Current Status: Sustain