Financial Statements
Presentation, classification and supporting disclosures.
Financial audit examines government financial statements, transactions and underlying records to determine whether public resources have been properly accounted for and whether financial information is presented in accordance with the applicable reporting framework.
Audit procedures may cover revenue, expenditure, cash and bank activity, procurement, payroll, assets, liabilities and related internal controls. The nature and extent of testing depend on materiality, risk and the evidence required for the engagement.
Significant findings are communicated through a structured report that explains the issue, supporting evidence, effect and recommended corrective action.
Typical Areas of Examination
The scope is determined for each engagement and may include these areas.
Revenue & Expenditure
Recorded collections, payments and budget execution.
Payroll & Procurement
Authorisation, supporting records and compliance controls.
Assets & Controls
Safeguarding, reconciliation and reliability of records.