The Office of the Auditor-General is conducting a thorough review of the Audit Act 1969 to amend and modernize the legislation, ensuring it aligns with international standards and best practices. Finance Minister Professor Biman Prasad noted that since the Act was last updated in 2006, it fails to reflect advancements in public sector auditing practices.
The Deputy Prime Minister emphasized that the review aims to enhance the independence of the Office of the Auditor-General (OAG), aligning it with constitutional provisions; clarify the public auditing mandate to include compliance, IT, and environmental auditing; and ensure that all audits comply with international auditing standards, including the International Standards on Auditing and the International Standards for Supreme Audit Institutions.
Additional goals include safeguarding the Auditor-General and OAG personnel’s roles and responsibilities, recognizing the OAG’s budget, staff, and revenue in line with the 2013 Constitution, allowing for the review of audits from entities not mandated under the Constitution, and increasing the Auditor-General’s access to data, including electronic records.
Professor Prasad mentioned that the Audit Bill 2024 has undergone extensive consultations and technical assistance from the Pacific Association of Supreme Audit Institutions, with the results presented in Parliament. He noted that while there was significant support for the proposed amendments, stakeholders requested clarifications on specific sections of the current legislation and the new proposals.