CAROSAI called on to ensure auditing standards coincide with intl’ best practices
─ as Guyana hosts 11th Triennial Congress of CAROSAI
DPI, Guyana, Monday, June 24, 2019
The Caribbean Organisation of Supreme Audit Institutions (CAROSAI) has been urged to ensure that auditing standards, techniques and guidelines are in sync with international best practices.
Minister of Public Health, Volda Lawrence notes that this will ensure that the Caribbean is not left behind and will allow all members states to optimise their auditing ability to guarantee the efficient allocation of capital.
Minister Lawrence, who is also a member of the Public Accounts Committee (PAC), was delivering the feature remarks at the opening of the 11th Triennial Congress of CAROSAI, at the Ramada Princess Hotel, Georgetown.
With some 23 members states, most of which are from the Caribbean, Guyana’s Audit Office has been tasked with chairing the plenary for the next three years.
Minister Lawrence said the Capital Markets and Financial Statements of Supreme Audit Institutions (SAI) member states are all diverse depending on the size of the country and scope of investments. She said irrespective of the geographical demographics of those members states, CAROSAI as the umbrella organisation of the region must ensure that states stay on track.
“As we all know, auditing or high-quality financial reporting plays a pivotal role in capital markets. It is essential to the efficient functioning of capital markets and key to the success of economies,” she told the Regional Auditor Generals and representatives.
Given its intrinsic value to the capital markets and the auditors’ opinion upon which investors rely heavily, Minister Lawrence said credibility, reliability transparency and relevance of audit must be paramount.
“I believe that the reforms to auditing are widespread. it is incumbent of CAROSAI to become au fait with these reforms and in turn, apprise members states of same so that evaluations can be done on how those reforms can be utilised to enhance our audit mechanisms.”
She addressed the critical role of the Public Accounts Committee (PAC) in Guyana.
“Given the makeup of the PAC, the people of Guyana have the full assurance of being fully represented. While it enjoys a formidable track record, it is still a work in progress, as members are still coming to grips with the role of the PAC.”
CAROSAI, she stressed, must impress on member states the importance of the PAC and the need for them to be incorporated in their accounting framework.
Programme Officer of the Canadian Audit and Accountability Foundation, Marc Bélanger said by considering the different needs of men and women in exploring how government programmes can affect them differently, auditors can help ensure that programmes responded to the needs of all citizens.
The congress is being held under the theme “vision of performance for relevance and success”.
Images: Marceano Narine