Foreword
In our October Kundu Newsletter, we discuss Audit readiness, Geopolitics and IRC developments.
As companies are facing into their financial year-end and the upcoming audit period it is timely to consider whether the company is audit-ready and if not, what actions can be taken to be audit-ready.
We also share our geopolitical insights on the impact of competition for renewable and electric vehicles for the region.
Finally, we discuss the latest developments from IRC, their strategy, and their restructuring plans. We also have the latest on the new Income Tax Act Rewrite.
- Audit Readiness
Financial management for reporting entities in Papua New Guinea (PNG) should include an audit readiness program. This involves strengthening internal controls and improving financial processes and systems to ensure information is available and can withstand an independent audit. - Geopolitical competition for renewables and EVs
Major industrial countries are competing over green technology, which could hinder global decarbonisation goals. China, the US, and the EU are building up domestic renewable energy and EV industries to avoid dependence on others, leading to higher decarbonisation costs and a slower roll-out. - IRC developments
The Commissioner General, Sam Koim, spoke at the POMCCI breakfast on 15 October, emphasizing a strategy that prioritizes people, followed by systems, and then legislation.
KPMG Kundu newsletter series
Learn about key regulatory and geopolitical issues affecting the business entities in the PNG region.
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