The Office of the Auditor-General has initiated a thorough examination of the Audit Act 1969, aiming to amend and modernize the legislation to ensure alignment with international standards and best practices in public sector auditing.
Finance Minister Professor Biman Prasad highlighted that the Act, which was last revised in 2006, fails to reflect the latest developments in auditing practices and standards.
The Deputy Prime Minister emphasized that the primary goals of the review include strengthening the independence of the Office of the Auditor-General (OAG) as guaranteed by the Constitution, clarifying the public auditing mandate, and specifically including the responsibilities for compliance, IT, and environmental auditing. The review also seeks to ensure that all audits adhere to international auditing standards, including the International Standards on Auditing and the International Standards for Supreme Audit Institutions.
Additionally, the review aims to safeguard the roles and responsibilities of the Auditor-General and OAG staff, outline how audit findings are reported, recognize the OAG’s budget and staffing in compliance with the 2013 Constitution, and allow for the review of audits of entities not covered by the Auditor-General’s constitutional mandate. It also looks to enhance the Auditor-General’s powers to access data, including electronic records.
Professor Prasad noted that the Audit Bill 2024 has been subject to extensive consultations and received technical support from the Pacific Association of Supreme Audit Institutions, with the findings presented in Parliament. He mentioned that, while the proposed amendments garnered significant support, stakeholders sought clarification on various aspects of the existing law and the new proposals.