Timely Submission of Financial Statements (PNG0035)
Overview
At-a-Glance
Action Plan: Papua New Guinea Action Plan 2025-2029
Action Plan Cycle: 2025
Status:
Institutions
Lead Institution: Government: OAG CSO: INA
Support Institution(s): Government: DNPM, OAGD, DOT, DoF CSO: CIMC, TIPNG, TVI Other Stakeholders: UPNG, NRI, Other Institutions, Private Sector, Churches
Policy Areas
Anti-Corruption and Integrity, Audits, Fiscal Openness, Publication of Budget/Fiscal InformationIRM Review
IRM Report: Pending IRM Review
Early Results: Pending IRM Review
Design i
Verifiable: Pending IRM Review
Relevant to OGP Values: Pending IRM Review
Ambition (see definition): Pending IRM Review
Implementation i
Completion: Pending IRM Review
Description
Commitment 8.5.1: Timely Submission of Financial Statements
The timely submission of the financial statement is a prerequisite for producing the audit report. For the four (4) parts of the annual audit reports to be produced and published, the financial statements must be released by the agencies that receive public funds. This commitment will be managed and coordinated by the Office of the Auditor, with support from its co-chair, the Institute of National Affairs.
Tables 1-4 below provide a summary of the commitment's activities, key milestones, strategies, and indicators.
Table 1: Commitment 8.5.1 Timely Release of Financial Statement
Objective
To enable the production of the Audit Report
| OGP Global Commitment | MTDP IV DIPS | OGP Commitment | No. | Summary Activities |
|----------------------|--------------|----------------|-----|--------------------|
| 4 | DIP 7.4 Public Finance Management | Timely Release of Financial Statement | 5.1 | Release the financial statements by all agencies receiving public funding from the national budget |
Table 2: Milestones and Activities
| No | Deliverables | Milestones | Activities | 2025 | 2026 | 2027 | 2028 | 2029 |
|----|-------------|-----------|-----------|------|------|------|------|------|
| 1 | Circular Letter to agencies to produce their financial statements delivered | Conduct regular meetings | | | | | | |
| | | Coordinates and makes follow-ups | | | | | | |
| 2 | Financial Statements issued | Coordinates the issuance of financial statements | | | | | | |
Table 3: Strategies
| No | Implementation Strategy | Policy Reference |
|----|------------------------|-----------------|
| 1 | Effective coordination and leadership | MTDP IV 2023-2027 |
| 2 | Awareness, workshops, and meetings | Digital Government Act 2022 |
| 3 | Follow-ups and letters | Digital Transformation Policy |
Table 4: Indicators
| No | Indicator | Source | Baseline (2024) | 2025 | 2026 | 2027 | 2028 | 2029 |
|----|----------|--------|----------------|------|------|------|------|------|
| 1 | Rate of improvement in the release of financial statements (1-5) (%) | AGO | 60 | 60 | 70 | 80 | 100 | 100 |
| 2 | Proportions of agencies release financial statements (%) | AGO | 45 | 50 | 80 60 | 100 | 100 | 100 |