Describe Financial Statement Audit and Comment on any interesting account in the financial Statement below.

Identify the type of Opinion that should be given to this financial statement.

Support your views with relevant examples.

GOVERNMENT OF THE REPUBLIC OF FIJI NOTES TO AND FORMJNG PARTS OF OTHER FINANCIAL STATEMENTS (cant...) FOR THE PERIOD ENDING 31 JULY 2017 14. Cash and Cash Equivalent All Government Minisu'iesJDepartments use several overdra accounts (Drawings) for their operations and are cleared en a daily basis to the Consolidated Fund Account of government. In addition, several Ministriestcpartments operate and maintain their own bank accounts for monies held as trust and for those that operate quasi-commercial activities. Funds held by overseas banks are for the various Fiji Embassies, Trade Missions, Overseas Pension Funds and JP Morgan Accounts. The balance of Domestic Account has been settled off by the unpresented cheque: for minisu'iest'departments as of 31 July 201?. The value of cheques that were issued but have not been presented to the banks totalled around $82.0 million. The cash and cash equivalent held by the government includes trust fund account of $169.3 million that are not available for use. The trust fund account include deposits, retention monies and true trust account that the Minisu'nyepartment are holding in trust. 201'? 2016 (12 months) (7 months) (3) (3} Description of Account Overseas Accounts 18,546,563 47,411,540 Domestic Accounts 87,966,550 35,834,838 Trust Fund Accounts 169,295,442 1 19,788,149 Trading and Manufacturing Accounts 13,944,586 15,462,371 Net Cash 289,753,141 218,496,898 Overseas Bank Accounts Fiji Embassies 7,092,170 7,918,927 Pension Fund - Crow Agents London (190,207) 104,606 .1? Morgan Account 11,644,600 39,388,007 Total for Overseas Accounts 18,546,563 47,411,540 .1? Morgan cash accounts comprises of the following: JP Morgan Liquidity 11,644,600 39,388,001 Total .1? Morgan Account 11.644.600 39,388,007 GOVERNMENT OF THE REPUBLIC OF FIJI Schedule 3 STATEMENT OF ASSETS AND LIABILITIES AS AT 31 JULY 2017 Notes 31 Jul 2017 31 Jul 2016 (12 months) (7 months) (S) (S) restated ASSETS Current Assets Cash and cash equivalent 14 289,753,141 218,496,898 Accounts Receivable 15 114,406,946 83,468,643 Prepayments 16 1,203,897 1,700,879 Inventory 17 3,441,302 3,971,882 Total Current Assets 408,805,286 307,638,302 Non Current Assets Term-Loans Receivable 18 481,928,586 397,505,809 Equity Investments 19 440,342,400 445,303,322 Total Non Current Assets 922,270,986 842,809,131 TOTAL ASSETS 1,331,076,272 1,150,447,433 LIABILITIES Current Liabilities Accounts Payable 20 95,014,885 100,948,253 Deferred Income 21 5,115,009 3,230,049 Trust fund account 22 197,199,489 143,329,585 Term Loans Payable - Treasury Bills 23(a) 94,884,303 163,844,780 Term Loans Payable - Overseas Loans 23(a) 56,630,835 52,974,444 Term Loans Payable - Domestic Loans 23(a) 160,729,000 99,643,000 Total Current Liabilities 609,573,521 563,970,111 Non Current Liabilities Term-loans Payable Overseas Loans 23(b) 1,311,330,048 1,205,753,949 Term-loans Payable Domestic Loans 23(b) 3,044,033,346 2,980,207,613 Total Non Current Liabilities 4,355,363,394 4,185,961,562 TOTAL LIABILITIES 4,964,936,915 4,749,931,673 EQUITY 36 (3,633,860,643) (3,599,484,240) The accompanying notes form an integral part of these financial statements. Ministry of Economy ..... . Suva, Fiji Ms. Makereta Konrote Dated 07 of the month of August , 2019 Permanent Secretary for Ministry of Economy