Latest update November 26th, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Focus on quality of audits

Dec 08, 2009 News

… Regional accountants, auditors gather in Guyana

A high-level number of government accountants across the region are working to produce a manual that will ensure a standard quality of audits.
The 10-day workshop at Cara Lodge will in essence produce a Quality Assurance Handbook that ensures that financial audits are planned, executed and documented in accordance with the necessary technical standards and professional practices.
In her charge to the accountants and other audit officials, Minister within the Ministry of Finance, Jennifer Webster, noted the forum will serve as an opportunity to share experiences.
Pointing out that the role of the government’s Audit Office is an important one in the process of public accountability and transparency, she pointed out that Guyana in 2004 established an “Independent Audit Office” which resulted in the modernization and strengthening of that office.
The Audit Office’s mandate has since widened its scope with “history” being created last Friday when the first ever, “Value for Money/Performance Audit” was tabled in Parliament.
“The completion of this report is a clear indication of the Audit Office’s continued drive for improvement, and is a valiant step in accordance with the current international best practices in auditing and reporting,” the Minister said.
Stakeholders, management and other parties of any entity that is subjected to audit, need reassurance that the exercise conducted is of the highest quality and that reliance can be placed on the issued report.
Likewise, Webster stressed, the Auditor General or the head of any audit institution would want to be assured that the quality control systems and practices in place in any organization are effective.
With the new document, the Quality Assurance Handbook, Supreme Audit Institutions (Audit Offices) must ensure compliance with the documented guidelines which will result in the execution of audit with greater efficiency, effectiveness and highest quality, the Minister urged.
Meanwhile, Auditor General (Ag) of Guyana, Deodat Sharma, noted that his office is committed to the execution of high quality audits of public accounts, entities and projects as assigned by Audit Act.
“Quality control and quality assurance are key elements from the initial stages of planning to the final stages of reporting in any audit,” he told the participants.
The official drew attention to the fact that four decades ago, there were no structured formats in auditing and the records kept.
However, changes were made about twenty years ago, but there were many challenges. Workers were reluctant to accept changes; officers were reluctant because the lack of knowledge and many were complaining that too much work was involved.
However, in 1996 an Audit Operations Manual which included structured audit procedures was prepared to assist workers in the duties.
Last year, a “Quality Assurance Manual” was prepared to ensure that proper working papers are maintained, the Auditor General disclosed.
The workshop is being sponsored by the International Organization of Supreme Audit Institutions (INTOSAI) Development Initiative and the Caribbean Organization of Supreme Audit Institutions (CAROSAI). INTOSAI has over 180 countries under its umbrella while CAROSAI, more than 20 member countries.

Similar Articles

The Glenn Lall Show | November, 20th, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Rutherford gets big payday from Gujarat Titans at IPL 2025 Mega Auction; Shepherd, Powell snapped up by RCB and KKR, respectively

Rutherford gets big payday from Gujarat Titans at IPL 2025 Mega...

Nov 26, 2024

  SportsMax – Guyanese hard-hitting left hander Sherfane Rutherford will get the opportunity to shine on T20 franchise cricket’s biggest stage once again after being picked up by the...
Read More
Roach and Seales star as West Indies close in on Antigua Test victory

Roach and Seales star as West Indies close in on...

Nov 26, 2024

Delroy Tyrrell continues to excel at Oneonta State University

Delroy Tyrrell continues to excel at Oneonta...

Nov 26, 2024

Ramdass Royals Crowned Champions of the Inaugural Windies Masters Cricket Extravaganza

Ramdass Royals Crowned Champions of the Inaugural...

Nov 26, 2024

KFC Guyana distance self from delayed payment of GFF Elite League prizes

KFC Guyana distance self from delayed payment of...

Nov 26, 2024

Ravens and Royals ready for epic Elite 16 final showdown

Ravens and Royals ready for epic Elite 16 final...

Nov 26, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]