The Office of the Auditor-General is conducting a thorough review of the Audit Act 1969 to propose amendments aimed at modernizing the legislation in alignment with international standards and best practices.
Finance Minister Professor Biman Prasad pointed out that the Act had not been updated since 2006, indicating that it fails to reflect current developments in public sector auditing practices and standards.
The Deputy Prime Minister highlighted that the primary objectives of this review include reinforcing the independence of the Office of the Auditor-General (OAG) as mandated by the Constitution, clarifying the public auditing mandate, and explicitly including compliance, IT, and environmental auditing within its responsibilities. Additionally, the review aims to ensure all audits adhere to applicable international auditing standards, such as the International Standards on Auditing and the International Standards for Supreme Audit Institutions.
Other goals include protecting the Auditor-General and OAG staff from personal and institutional conflicts concerning their roles and responsibilities, recognizing the OAG’s budget and staffing in line with the 2013 Constitution, allowing for audits of entities not directly subject to the Auditor-General’s oversight under the Constitution, and enhancing access to data, including electronic data.
Professor Prasad mentioned that the Audit Bill 2024 has undergone extensive consultations and received technical support from the Pacific Association of Supreme Audit Institutions, with the findings presented to Parliament. He noted that while there was significant support for the proposed amendments, stakeholders had requested clarifications on specific provisions of both the current law and the new proposals.