Definition of Audit
An independent examination with a view to establishing accuracy, conformity to laws and administrative rules and regulations, performance, and truthfulness.
NOTE - The basic object in auditing is not therefore the detection of fraud, however if fraud is detected to report to the appropriate authority
Types and Components of Audits:
- Compliance Audit - To assess the Level of compliance and conformity to Government’s Rules and Regulations, General Orders, Departmental policies, procedures and practices
- Financial Audits - To examine the financial transactions/records to ascertain whether they were relevant, accurate, complete, and fairly presented.
- Value-For-Money Audits - To assess whether Government received equal value for monies spent; the resources allocated to the project through cost effectiveness giving regards to Economy, efficiency and effectiveness
- Performance - To evaluate and appraise the overall management of Government Resources in keeping with the Department objectives and purpose
- Comprehensive - Encompasses all of the above