the introduction of new technologies. 3. today ’ s guests include auditors and accountants. members of these professions perform a complex task with great responsibilities. i have often stressed that accounting rules are indispensable in order to know and certify the truthfulness of economic and administrative facts, which are a fundamental aspect of the organization of society. the whole of civil life could not function in fact if people did not tell each other the truth. in summa theologiae thomas aquinas said that truth was one of the values underlying social coexistence. the same holds for the economy and business, which must rest on an order made up of relationships and rules that include accounting standards. in italy great masters laid the foundations of the art of accounting. in the fifteenth century luca pacioli, adopting the practices long in use among venetian merchants, developed the theory of “ double entry ” bookkeeping goethe called “ one of the most wonderful discoveries of the human mind ”. fabio besta arranged these studies on a scientific basis, perfecting the tools available to make correct entries. these are the solid foundations on which we now work. as a consequence of the function they perform, accountants are expected to show professional autonomy, independence of judgement, and constant dedication, vis - a - vis clients, to transparency and honesty. members of the profession now face new duties ; they must cope with all the forthcoming changes in the methods of accounting for corporate facts ; they must keep constantly abreast of developments and study the innovations in company and fiscal matters. the recent financial difficulties of several industrial firms have highlighted the crucial role of internal controls and of external audits to verify that accounts are properly kept, that transactions are correctly recorded, and that the financial statements conform with the book entries and the rules for valuing assets and liabilities and recording corporate facts. the bankruptcy laws are in urgent need of reform, which is now under study, to shorten procedures, offer greater certainty and broaden the scope for mutually agreed solutions and the survival of worthwhile economic projects in temporary difficulty. firms, banks and the economy will benefit. in the financial sector, reliable judgements and proper conduct are equally important. intermediaries are required to assess fully all the risks of their clients ’ investment decisions and present them clearly. 4. the discipline of accounting is undergoing far - reaching review at the moment in response to the demand for standardization stemming from the growing international openness of our economies. according to the principles

college curriculums. pfip is testing a new model with kamaliki technical vocational college and goroka technical college in the highlands, working specifically with technical and vocational training institutions to produce labor market - ready graduates who are better equipped to deal with financial decision - making. pfip is also partnering with mibank on a ‘ pay - as - you - go ’ solar energy kit loan pilot. this product has huge potential in papua new guinea, as you may be aware that 82 % of our population are still ‘ off - grid ’. besides enabling them to access electricity in a convenient, cost effective - way, the project has the potential to introduce 100, 000 unbanked papua new guineans into the formal financial sector, boost financial literacy and give them opportunities to access additional financial products. in summary, it seems that uncdf, through pfip has been very busy! we would like to acknowledge the eu in particular for supporting the second phase of pfip ’ s work in papua new guinea through the red 2 programme, without which, many of the abovementioned achievements would not have been possible. we would like to thank pfip, uncdf and undp and for their support in advancing financial inclusion in papua new guinea and more broadly in the pacific. and finally, we wish to congratulate uncdf of reaching the milestone of its 50th birthday.