Tag: financial audit

In the ever-evolving landscape of financial auditing, the integration of technology has become not just advantageous but essential. This article explores how the use of drones in financial audits, particularly by the São Paulo Municipality Court of Accounts (TCMSP), can enhance accountability and improve the integrity of public resources. The focus will be on the assertion of integrity as cited in International Standards on Auditing (ISA) 315 (Identifying and Assessing the Risks of Material Misstatement), specifically regarding the accounting cycle of real estate assets. The case study illustrates a pragmatic approach to auditing that not only adheres to established norms but also introduces innovative methodologies to address significant issues in public financial management.

Like many people, when I travel, I often take a taxi from the airport into the city center where I’m visiting or working. In my experience, taxi rides are a fantastic opportunity to learn about the local culture, find out which sights are worth a visit, or get recommendations about where to eat. What’s more, these drives are a prime opportunity to find out some more nuanced (and personal) information: how people perceive their government. In many instances, issues of corruption, inefficiency, and waste are openly shared by the driver, alongside personal perceptions of particular politicians. It’s a great, albeit anecdotal, way to get a feel for what local people are thinking or feeling. 

Effective public financial audits are vital tools in promoting transparency, accountability, and good governance in the public sector. Supreme Audit Institutions (SAIs) play a key role in evaluating how public funds are managed and ensuring that public officials act in accordance with laws, policies, and ethical standards. This article outlines best practices for conducting public financial audits, grounded in the International Standards of Supreme Audit Institutions (ISSAIs).

This paper examines the integration of performance audit perspectives into financial audits on the Audit Board of the Republic of Indonesia’s (BPK) by using the Financial Audit with Performance Audit Perspective (FAPA) framework. This paper demonstrates how FAPA approach, documented through Long-Form Audit Reports, enhances audit impact by evaluating both financial accuracy and operational effectiveness. Despite challenges in methodological alignment, stakeholder management, timing, and coordination, we present a structured workflow model for effective implementation of the FAPA framework. The paper advocates for further integration of sustainability and foresight elements to promote long-term value creation in public financial management, better meeting evolving stakeholder expectations and supporting Sustainable Development Goals.

In response to public demand and global trends, the State Audit Office of Latvia (SAI of Latvia) has initiated the most significant transformation in its audit operations in the past two decades.

Undoubtedly, evidence is the cornerstone that auditors rely on to substantiate their findings during financial audits. A critical question for auditors is whether the quantity and quality of the evidence gathered during testing unequivocally support their conclusions. 

Public finances are like the lifeblood of a country – they fund social programs, build infrastructure, and provide essential services that people rely on every day. Keeping public administration efficient and transparent is key to earning people’s trust – it’s about more than just good governance; it’s about showing citizens that their institutions truly work for them. Financial audits are the main instrument used by Albania’s Supreme Audit Institution (ALSAI) to guarantee efficiency, accountability, and transparency in the administration of public funds.

In times of growing demand for public accountability and transparency, supreme audit institutions (SAIs) serve as guardians of good governance. At the State Audit Office (SAO) of the Republic of North Macedonia, we remain persistent in our mission to ensure sound stewardship of public resources through financial, compliance and performance audits grounded in international standards and national priorities.

The financial statement audit, aims to provide confidence in financial statements for users’ decisions. Financial statement auditors give an independent opinion on whether financial statements are presented in accordance with the designated framework and accurately represent an entity’s financial position and activity outcomes. As organizations have developed and grown in size, so has the complexity of their operations, which have greatly influenced financial statement audit approaches. These developments do not erase the previous methods; instead, it builds upon them to make the audit process more efficient and effective.

Over 110 delegates from AFROSAI-E’s 26 member countries, partner institutions, and key stakeholders attended its 2022 Strategic Review and 18th Governing Board meeting.

The Belgian Court of Audit received its ISO 9001:2015 certification for the processes leading to its core products.