By ROBERT PALME
A STATE enterprise which went to interim liquidation in 2001 has bounced back, not only making profits but meeting all the requirements of the Public Finance Management Act.
Post PNG was one of five entities commended and recognized by the Parliamentary Public Accounts Committee (PAC) in its first hearing for 2010 on Wednesday.
Post PNG managing director Peter Maiden said, "Indeed, the failure of the Post PNG Board of Directors and Management to provide Financial Accounts on a timely basis for audit by the Auditor General's Office was the significant factor in Post PNG going into Interim Liquidation effective 23 August 2001."
Mr Maiden said a critical success factor in the performance and compliance of an entity are the governance processes.
"Key to good governance is the preparation of the annual financial accounts and their audit each year by the Auditor General's Office," the managing director told the hearing.
The other institutions recognized were the hospitals of Goroka and Alotau, the Bank of PNG and the Institute of Public Affairs.
These are five of 1,000 government institutions that the PAC had inquired into. The PAC also commended the Auditor general's office for their efforts in auditing the government's institutes.