The Cook Islands Investment Corporation (CIIC) is pleased to announce that KPMG has completed its audit of the CIIC Group financial statements for the year ended 30 June 2024, delivering an Unmodified Audit Opinion for the first time in its history.

In a statement, CIIC said this milestone reflects its commitment to financial transparency, accountability and the diligent work undertaken over many years to address historical challenges related to the recording and valuation of government-owned land and buildings.

The CIIC Group financial statements have now been noted by Cabinet and formally submitted to Parliament.

Deputy Prime Minister Albert Nicholas, the Minister for CIIC, welcomed this achievement, stating: “This reflects CIIC’s strong financial stewardship and commitment to good governance. The work undertaken to improve asset recording will have long-term benefits for the Cook Islands, ensuring better management of public infrastructure for future generations.”

In the past, the Cook Islands Government Property Corporation – and by extension, CIIC – received qualified audit opinions due to auditor concerns regarding the ownership, completeness, and valuation of property, plant, and equipment recorded in the financial statements.

CIIC has worked tirelessly to resolve these issues, a legacy challenge inherited upon its establishment, statement said.

CIIC chair, Fletcher Melvin, acknowledged the years of effort that led to this result, saying: “CIIC represents a significant proportion of the Government’s asset base, overseeing the Cook Islands Government Property Corporation and various State-Owned Enterprises. While CIIC has consistently met its audit deadlines, achieving an Unmodified Audit Opinion marks a proud moment. This success is the result of years of dedication and hard work from many individuals. I extend my sincere gratitude to our CEO, Allan Jensen, and the wider CIIC team, both past and present, for their tireless efforts in making this possible.”

According to CIIC, addressing this qualification required meticulous cataloguing of government-owned land and buildings, including gathering historic records, verifying ownership, and capturing key asset data such as dimensions, condition assessments, and drone imagery.

“This extensive effort not only secured an unqualified audit opinion but also strengthens CIIC and the Government’s ability to proactively manage public assets, ensuring better infrastructure planning and preventative maintenance programmes – a challenge many countries worldwide continue to grapple with.”

CIIC’s work has also been acknowledged by the director of the Cook Islands Audit Office, Desmond Wildin, who noted: “CIIC’s efforts in addressing long-standing asset recording issues demonstrate a best-practice approach to public asset management. The completion of this project ensures greater financial accuracy and transparency.”

CIIC remains committed to open and transparent financial reporting. Its audited financial statements are publicly available on its website: www.ciic.gov.ck/publications/other-publications/annual-reports/.

In addition, CIIC has also made the majority of its State-Owned Enterprises’ financial statements publicly accessible.