A statutory financial audit into NIDC and Malagan Lodge Limited’s financial statements and records for the years 2023, 2024 and 2025 is currently underway.
This follows the board’s decision in July to engage Wau Accountants Business Consultants Firm to carry out the audit to strengthen accountability beyond standard reviews, and provide technical support to NIDC during this process.
The audit is led by Wau Accountants Business Consultant Gai Zhou, with support from Mary Lepi and Marcellinnes Pinoko. The exercise aims to deliver a comprehensive examination of financial statements, including the preparation of financial statements, and a detailed audit of rental incomes, lease schedules and agreements, accounts receivable, operating expenses, and year-end accruals. This broader scope is intended to reinforce the integrity of the organizations’ financial reporting and to support future sustainable growth.
Board chairman Mr. Benjamin Kimbe welcome the engagement of the audit team to clear NIDC’s books, promoting transparency and accountability.
Managing Director Christian Tarkap said, “This audit will help rectify past experiences and establish a robust financial framework that can guide NIDC’s sustainable growth into the future.
” We are committing to higher standards of financial governance and accountability for our stakeholders.”
A key part of the engagement is strengthening NIDC’s internal control framework.
The audit team will test existing controls, identify gaps, and implement improvements to tighten financial measures.
Team Leader at Wau Accountants, Zhou thanked NIDC officers for their cooperation, noting that the exercise will take at least three weeks to complete and will require continuous access to financial records, reconciliations, and other documents as needed.