The Office of the Auditor-General has conducted a thorough review of the Audit Act of 1969, aiming to amend and modernize the legislation to align with international standards and best practices.
Finance Minister Professor Biman Prasad emphasized that the Act has not been revised since 2006, which means it does not reflect recent advancements in public sector auditing standards and practices.
The Deputy Prime Minister outlined that the primary goals of the review include strengthening the independence of the Office of the Auditor-General (OAG) in accordance with constitutional provisions, clarifying the public auditing mandate, and incorporating specific responsibilities related to compliance, IT, and environmental audits. Additionally, the review aims to ensure that all audits are conducted in accordance with the International Standards on Auditing and the International Standards for Supreme Audit Institutions.
Furthermore, the review seeks to safeguard the functions of the Auditor-General and OAG staff from personal and institutional conflicts, to clarify how audit findings are reported, to acknowledge the OAG’s budget, staffing, and revenue sources in line with the 2013 Constitution, to allow for the review of audits for entities not covered by OAG, and to enhance the Auditor-General’s authority to access information, including electronic data.
Minister Prasad noted that the Audit Bill 2024 has undergone extensive consultations and received technical support from the Pacific Association of Supreme Audit Institutions, with the results being presented in Parliament.
He commented, “While there was generally overwhelming support for the proposed amendments, stakeholders sought clarifications on specific aspects of the existing and proposed legislation.”