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PSA: Q3 - Coggle Diagram
PSA: Q3
TYPES OF AUDIT PERFORMED BY NAD
Financial Audit
To reports on whether FS present a true and fair view of the financial position
- maintain transparency and trust
To ensure the FS comply with all relevant legal & regulatory requirements
- ensure operates within legal framework
Compliance Audit
To evaluate the financial management for federal agencies
To confirm that all expenses are authorized and comply with policies, laws, & regulations
- prevents misuse of funds
Performance Audit
To ensure public funds are managed economically, efficiently and effectively
To ensure public receive value for the taxes they have paid
- enhance public confidence
Corporate Governance Management Audit
NAD'S ROLE TO IMPROVE PS ORG'S PERFORMANCE
Conduct Performance Audit
About the audit
Independent & conducted cyclically
- separate from routine financial & compliance audits
Scope of audit has been expended
- cover construction, service procurements, social sectors, ICT, and privatization areas
What NAD do
Maintain continuous engagement with relevant parties
Prepare audit reports
Highlight both good and poor management practices with detailed feedback
Highlight significant issues
Provides recommendations to improve management efficiency
Impact
Help identify areas for improvement
- build public trust in gov operations