Question

What are the relevant legislations and standards that govern auditors in Fiji?

Answer 1

The accountancy profession in Fiji is self-regulated by the Fiji Institute of Accountants (FIA). Established under the Fiji Institute of Accountants Act of 1971 (FIA Act), the FIA’s responsibilities are set out in the act and include maintaining a registry of all professional accountants

The Fiji Institute of Accountants Act of 1971 establishes initial professional development and continuing professional development requirements for professional accountants and authorizes the Fiji Institute of Accountants (FIA) to implement the requirements. As reported in its 2017 SMO Action Plan, the FIA has identified that IES 6 is not currently adopted, and it is unclear if the overall program is aligned with the other IES requirements

Under the Fiji Institute of Accountants Act of 1971, the Fiji Institute of Accountants (FIA) is responsible for adopting auditing standards. The institute’s Accounting and Auditing Standards Committee has adopted the 2009 ISA for application in all mandatory audits. It is unclear if there are plans by the FIA to adopt the new ISA, effective December 2016.

As per its by-laws, the Fiji Institute of Accountants is responsible for establishing ethical requirements for its members. According to its website, the institute has adopted the 2012 IESBA Code for application by its members.