A financial regularity audit of an entity involves
- an independent examination of accounts for the purpose of rendering an opinion on financial statements [Financial Statements audit];
- a check for compliance with laws, policies, contracts and agreements, and administrative rules or instructions, involving, or as may affect the revenue, expenditure, assets and liabilities [Compliance audit]; and
- a check on the adequacy of internal control systems (e.g. IT controls, approving authorities, etc) that Management has put in place to safeguard its resources against waste, loss and misuse [Internal Controls audit].
A selective audit is an independent, selective examination of activities and operations, carried out in relation to the accounts,
- to check for financial regularity (not for the purpose of rendering an opinion on the financial statements); and
- to ascertain whether there has been excess, extravagance, or gross inefficiency tantamount to waste, and whether measures to prevent them are in place.
We report our audit observations to:
- Management of the organisation audited through management letters
- The President, Parliament and the public through the annual Report of the Auditor-General
Our observations include system weaknesses, non-compliance with control procedures or legislation, instances of excess, extravagance, or gross inefficiency tantamount to waste in the use of public funds and resources.
To enable him to do his work without fear or favour, the Auditor-General is appointed by the President and his position is safeguarded under the
Constitution
and the
Audit Act (Chapter 17).
To find out more about AGO’s audit authority, please click HERE.