- 20 Marks
PSAF – L2 – Q15.4 – Public Financial Management Audit
Discuss four responsibilities of the Internal Audit Agency and Audit Service in public financial management.
Question
(a) Internal audit and external audit functions are critical to ensuring effective management of public resources. While the two functions lie in two separate organizations, both can co-operate and co-ordinate their functions in a manner that will promote value for money in the auditing space.
Required:
(a) Discuss four responsibilities of the:
(i) Internal Audit Agency; and
(ii) Audit Service.
(b) Explain four ways that the two institutions in question (a) can co-operate to ensure effective audit in the public sector.
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