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May be carried out to satisfy the requirements of management (internal audit), or by the supreme audit institution (SAI), or any other independent auditor, to meet statutory obligations (external audit). A particular task of internal audit is to monitor management control systems and report to senior management on weaknesses and recommend improvements.

The scope of audits varies widely and includes:

- financial audits, covering the examination and reporting on financial statements, and the examination of the accounting systems upon which those statements are based;

- compliance or regularity audits, which examine legal and administrative compliance, the probity and propriety of administration, financial systems and systems of management control; and

- performance audit/value for money audits, which assess the management and operational performance (economy, efficiency and effectiveness) of public programmes, particular ministries and agencies in using financial, staffing and other resources in meeting their objectives.

Source Publication:
Effects of European Union Accession, Part 1: Budgeting and Financial Control, OECD SIGMA Paper No. 19, March 1998, Appendix 3: List of Useful Terms + buseco.monash.edu.au.

Cross References:


Statistical Theme: Public management

Created on Tuesday, August 6, 2002

Last updated on Wednesday, June 12, 2013