|Letter from the Auditor General on our 2015 accounts.|
UNITECH has reached two important milestones. The Auditor General's report on our 2015 accounts did not contain any qualification. We are now part of that handful of state agencies that received an unqualified report on our accounts.
In only 5 years, under the leadership of Chancellor Sir Nagora Bogan and my management team we moved from being the very worst in the country (an adverse opinion in 2012 for our 2006 accounts) to being among the best. UNITECH has not received an unqualified opinion from AGO in over 2 decades. The last time was probably under Vice Chancellor Moseley Moramoro.
I wish to thank in particular the SRC of 2012 who started Council reform and was insistent that our accounts be made transparent and our books be balanced. Also the SRC of 2014 who insisted a legitimate university Council be re-constituted again under the leadership of Chancellor Sir Nagora Bogan.
Furthermore, I wish to thank for their accounting work and for enforcing financial controls the internal audit unit Noah and Elizah, Bursar Diraviam Tharmaraj and his team and the financial advisor David Johnson of Karama Ltd in Lae.
The good news does not stop there. We also managed to balance our accounts for 2017, if (and that is a big if) the government is able to transfer the outstanding amounts for this year. All major expense post have been coming down from 2015 to 2016, and now again from 2016 to 2017. Our project cash flow shortage this year is about K14M which is exactly the amount the government still owes us.
The PNG University of Technology has emerged from the shadows and is now again in the realm of financial respectability. We are confident that our progress in improving the academic quality of all our programs will now be matched by the necessary investments and stronger support from all stakeholders.
The PNG University of Technology is emerging like a phoenix from the ashes. Next year, we will finish replacing the buildings that were destroyed in the arson attacks in 2016, and start building our planned small solar power plan, and Uni-City, a smart eco-city development in the southern part of our campus (see http://www.unitechpng.com).