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SPC maintains bank accounts in various currencies and in various countries throughout the Pacific. It also maintains a Provident Fund for employees for which a separate audit report is required. SPC’s accounting system operates on a consolidated basis, incorporating transactions from all locations, therefore the trial balance is consolidated and is in Euro. The annual audit can be done either from Noumea or Suva regional office with visits to other offices for testing purposes where required. SPC uses International Public Sector Accounting Standards (IPSAS), therefore the audit opinion will have to be expressed in accordance with IPSAS accounting standards.
SPC had a total revenue in 2023 of Euro 113.53 million. The most recent audited financial statements can be found on our digital library Financial Statements 2023. Since the 2021 audit, auditor isrequired to express an opinion on project financials as well, which is shown
as Note 16 in the 2023 Financial Statements. Therefore, the scope of this audit should also include testing of project financials so that the audited financials can also be shared with development partners.