The Office of the Auditor-General is conducting a thorough review of the Audit Act 1969 with the aim of amending and modernizing the legislation to ensure it aligns with international standards and best practices.
Minister for Finance Professor Biman Prasad noted that the Act has not been updated since 2006 and fails to reflect the advancements in public sector auditing practices.
The Deputy Prime Minister emphasized that the primary objective of the review is to enhance the independence of the Office of the Auditor-General (OAG), in accordance with the independence outlined in the Constitution. Additionally, the review aims to clarify the public auditing mandate, specifically to include compliance, IT, and environmental auditing. It seeks to ensure that all audits comply with recognized international auditing standards, such as the International Standards on Auditing and the International Standards for Supreme Audit Institutions.
Further goals include protecting the Auditor-General and OAG staff in their roles and responsibilities, detailing how audit findings are reported, and recognizing the OAG’s budget, staffing, and revenue according to the 2013 Constitution. The review also intends to allow for audits of entities not covered by the Auditor-General under the Constitution and to enhance the Auditor-General’s authority to access data, including electronic records.
Professor Prasad stated that the Audit Bill 2024 has been subject to extensive consultations and has received technical support from the Pacific Association of Supreme Audit Institutions, with the findings presented in Parliament. He acknowledged that while there was significant support for the proposed amendments, stakeholders requested clarifications on various sections of the current legislation and the new proposals.