• Independence: SAIs are independent bodies that work without fear or favor, which helps to instill discipline in the financial system of a country. This independence ensures that the true state of state institutions is reported, fostering investor confidence and improving investor relations.
• Accountability: SAIs enforce accountability by ensuring that executives in charge of public funds are held responsible for their actions. This makes public officials more cautious and diligent in managing state resources, reducing the likelihood of misuse.
• Public Confidence: The transparency and accountability provided by SAIs help to build public trust in government institutions. Citizens develop confidence in the government’s ability to protect their resources, which in turn encourages economic activities and participation.
• Reliable Information: SAIs provide management boards of state entities with reliable information that allows them to assess their operations and plan ahead effectively. This leads to better decision-making and efficient use of public resources.
• Legislative Support: SAIs furnish the legislature with timely information that facilitates transparency and accountability. This enables lawmakers to make informed decisions regarding the allocation and oversight of public funds.
• Judicious Use of Resources: By detecting and deterring misapplication and embezzlement of state resources, SAIs ensure that government funds are used judiciously for their intended purposes, contributing to the overall economic development of the state.
• Public Awareness: Audit reports produced by SAIs are often made available to the public through parliament, allowing citizens to be informed about how state resources are utilized. This promotes transparency and public oversight.
• Performance Monitoring: SAIs provide feedback on the relevance and effectiveness of government programs, prompting the executive branch to be conscious of their performance and prioritize national interests.
• Transparency and Growth: Proper monitoring of state resources by SAIs enhances transparency, accountability, and national growth, as public funds are used more effectively to support economic development.
• Crime Prevention: The presence of SAIs can deter potential financial crimes within public institutions, as officials are aware that their actions are subject to audit and scrutiny. This contributes to a reduction in corruption and financial misconduct.

(Any 10 points @ 1 mark each = 10 marks)