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Public and private sector audit and assurance

18 August 2017

A number of parallel initiatives are driving an increasing focus on the development of effective audit regimes in both the public and private sector worldwide. These include:

  • A greater awareness of the need for transparency and accountability in the Public Financial Management (PFM) cycle, including the receipt of revenues and the allocation and expenditure of public funds, and the role which a Supreme Audit Institution (SAI) should play in ensuring value-for-money.
  • A trend by the international donor community to include Direct Budgetary Support in their aid portfolio – further emphasising the increasing role played by SAIs.
  • The need to improve investor confidence in the wake of a number of international accounting scandals.
  • An increasing convergence in both the auditing and accounting spheres between international standards of public and private sector policy and practice.