Ministry of Finance is reviewing the Audit Act – FBC News

The Ministry of Finance, through the Auditor General, carried out a comprehensive review, focusing on amendments to the Audit Act 1969, with the aim of aligning its functions with ideal practice that meets both domestic and international standards.

This was highlighted by Deputy Prime Minister and Finance Minister Professor Biman Prasad in parliament today.

He says the law was last revised in 2006 but does not cover the development of ideal practices and standards for auditing in the public sector.

Prasad said the consultation, facilitated by the Ministry of Finance with the Office of the Auditor General and the Office of the Attorney General, began in June last year.

“The OAG conducted a comprehensive consultation and received technical assistance from the Pacific Association of Supreme Audit Institutions (PASAI), the results of which will be presented before the Parliament today. The written call for applications was published on the OAG’s website on 14 July 2023 and in daily newspapers on 15 July 2023 .”

Prasad said the review aims to strengthen the independence of the OAG, clarify its public audit mandate, include specific authority to undertake compliance, ensure that audits are conducted in accordance with applicable international standards to safeguard the Auditor in the discharge of his duties and responsibilities. General and officers of the OAG.

He added that the ministry has received overwhelming support for the proposed changes, with stakeholders asking for clarification on certain issues related to different parts of the existing and new legislation.

The Deputy Prime Minister also acknowledged the appointment of Finau Seru Nagera as the first woman in the Auditor General role in Fiji.