Samoa
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

Atoa o Samoa talks include looking at banking and audit prospects

Pago Pago, AMERICAN SAMOA — The governor’s office has released a list of “anticipated outcomes” from the 3rd Atoa o Samoa Executive Meeting that was held last week at the American Samoa Community College Multi-purpose Center on Wednesday and Thursday, April 12 & 13 where American Samoa’s current banking difficulties was one of the items on the agenda.

BANKING SERVICES

With the departure of ANZ and no private commercial bank operating in American Samoa, discussions revolved around the potential opportunity for a local private bank from Samoa to operate in the Territory. Further discussions are needed on how this can potentially be facilitated. Discussions also focused on the obstacles and challenges faced by business people due to the gap in availability of financial and banking services in American Samoa. The meeting discussed ongoing efforts to strengthen relationships  through capacity building programs.

ANTICIPATED OUTCOMES:

• American Samoa will share information requirements via the CEO Samoa Chamber of Commerce for onward sharing to the banking industry and business registration requirements will be shared with CEO MCIL and CEO Samoa Chamber of Commerce for onward dissemination to the business community.

AUDITING SERVICES

The Territorial Audit Office and Samoa Audit Office are working collaboratively on potential opportunities for twinning arrangements to supplement and develop capacity. The Controller and Auditor General of Samoa released two senior staff members to join American Samoa's Territorial Audit Office as a cross training opportunity and in an effort to address outcome indicators discussed in the previous Atoa o Samoa meeting in Apia. The senior officials were selected on merit.

In January 2023, American Samoa hosted its Audit and Ethics Training conducted by the Graduate School, USA. The audit offices from Samoa and American Samoa came together to complete this three-day training session. As a result, Su'a, Pauga & Associates accounting firm can now provide accounting services in American Samoa and can register as public accountants, allowing them to sit the US CPA for accreditation in order to become chartered accountants that can work in the private sector in American Samoa. There are only two local accounting firms (both foreign companies) servicing American Samoa.

ANTICIPATED OUTCOMES:

• The Territorial Board of Accountancy (TBA), having the authority to grant permission  for professional auditing and accounting services, welcomes an opportunity to meet with the Samoa counterparts to outline the requirements for American Samoa's auditing and accounting businesses in October 2023.

• The Samoa Audit office has agreed to include TAO in their future audit Trainings.

In addition to reaffirming their commitment to strengthening cooperation between the two Samoas and forging  relations to improve  mutually  beneficial partnerships, Gov Lemanu P. S. Mauga, and Prime Minister Fiame  Naomi  Mataafa noted that existing conversations  between the two governments'  relevant sectors will continue at the Taskforce level, directed and informed further by mechanisms to be agreed to by the agencies concerned  that would contribute to enhanced collaboration  and better partnerships. The Meeting further discussed areas of mutual cooperation between the two governments, including American Samoa’s current banking difficulties.

The  meeting  was  attended  by  Gov. Lemanu P.S. Mauga;  the  Prime  Minister  of  the  Independent   State  of  Samoa, Fiame  Naomi  Mata'afa  and  their  respective  delegations; Lt. Gov Talauega E.V. Ale; President of the Senate, Tuaolo  M. Fruean; Speaker of the House of Representatives, Savali T. Ale and their respective legislators. The opening prayer was delivered by Reverend Elder Dr. Aumalesulu Tuifalefa.