Audit Services Department

Financial auditing is determining whether an entity's financial information is presented in accordance with an applicable financial reporting and regulatory framework. During a financial audit, auditors look for misstatements and errors that can have a material impact on the information presented in the financial statements. Misstatements or errors are considered material if they impact the decisions of the intended users of the financial statements.

Compliance audit is the independent assessment of whether a particular subject matter is in compliance with applicable authorities identified as criteria.

Compliance audit builds on the definition of public sector audits with a specific focus on assessing compliance with criteria derived from authorities. Authorities are the parliamentary decisions, laws, legislative acts, established codes or norms, and agreed-upon terms that a public sector entity is expected to comply with in the execution of its roles and responsibilities.

Performance audit is an independent assessment of a program, function, operation or the management systems and procedures of a governmental entity to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources and that value of money is being achieved.  . Performance auditing seeks to provide new information, analysis or insights and, where appropriate, recommendations for improvement where applicable.

Performance auditing promotes accountability by assisting those charged with governance and oversight responsibilities to improve performance.

Performance auditing promotes transparency by affording Parliament, taxpayers and other sources of finance, those targeted by government policies and the media an insight into the management and outcomes of different government activities. It thereby contributes in a direct way to providing useful information to the citizen, while also serving as a basis for learning and improvements.

Performance auditing constructively promote economical, effective and efficient governance.

IT Audit is the process of deriving assurance on whether the development, implementation, support and maintenance of information systems meets business goals, safeguards information assets and maintains data integrity. In other words, IT Audit is an examination of the implementation of IT systems and IT controls to ensure that the systems meet the organization’s business needs without compromising security, privacy, cost, and other critical business elements.

Further, of IT Audits is to ensure that the IT resources allow organizational goals to be achieved effectively and use resources efficiently. IT audits may cover IT applications, IT operations, IT governance, ERP Systems, IS Security, acquisition of the business solution, System Development, and Business Continuity – all of which are specific areas of IS implementation, or could to look at the value proposition the IS Systems may have fulfilled.

The Special Audit comprises the audits that are performed under International Standards of Supreme Audit Institutions (ISSAI) and to list a few:

Forensic Audit - Forensic Accounting is the type of engagement that undertaking the financial investigation in response to a particular subject matter, where the findings of the investigation normally are used as evidence in court or conflict resolution among the shareholders.

• Agreed Upon Procedures (AUP) - An engagement uses procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings; and, to simply provide a report of the factual findings of agreed-upon procedures. No assurance is expressed. Instead, users of the report assess for themselves the procedures and findings reported by the audit.
• Environmental audit is a type of evaluation intended to identify environmental compliance and management system implementation gaps. The audit can be conducted as a financial or compliance audits; however, it is most commonly conducted as performance an audit. It also often follows the concept of the 3 E’s – economy, efficiency and effectiveness – that form the basis of a performance audit. The 3 E’s: economy- focus on input (money wasted), efficiency – focus on output (was the best result achieved bas on money spent) and effectiveness – focus on outcomes (were the intended result achieved).

Project Audit is a systematic and often iterative activity of auditing and verifying a project for consistency and relevance to the basic parameters (quality, performance, cost-effectiveness) that are preset at the very beginning of the project. It aims to maximize success of the project on behalf of a third party (donor).