Audit Strategies

There is no denying the fact that in changing circumstances and the expansion of cost centers, the demand for audit has been tremendously enhancing day by day in public sector. In order to conduct a systematic audit as a tentative audit plan is inevitable and side by side purpose and scope needs to be considered where required manpower is mandatory to be allocated according to work load. It is important to gear up internal audit in MOHFW and to make certain effectual periodic monitoring of financial and management activities in the sector, internal audits of the Programme needs to be promulgated by an authorized government audit Institute. Audit plans should be dealt in such manner at which auditors are able to detect any form of irregularities like theft, fraud, misappropriation and failure to recover the government money. Audit should identify the risk areas and accordingly audit should be conducted. The audit report will contain a separate opinion as to whether the financial statements submitted during the fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the transactions and balances of the FOREX and other Accounts, and the contributions of Government of Bangladesh and the Development Partners. External Audit will observe Internal Control System of the Management and scrutinize transactions covering the whole area of irregularities regarding sanctions, appropriation, technical, financial and administrative control.
In view of the above it is evident that in order to strengthen audit to ensure effective periodic monitoring of financial and operational activities in any sector, semi-annual internal audits of the Programme will be carried out by a recognized auditing firm. The internal audit report will be an important input for financial management supervision and for the Annual Programme Review and for taking timely corrective action. The firm of auditors is expected to be in place by June 30, 2005 and will be appointed for the first two years of the Programme. Depending upon the performance of the auditors, the same or new auditors will be appointed for subsequent years.

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