Auditing is a cornerstone of good public sector governance. It provides unbiased, objective assessment of whether public resources are being managed responsibly and effectively to achieve intended results. Public sector auditing should help public sector organizations to achieve accountability and integrity, improve operations and instill confidence among citizens and stakeholders. In many instances Public sector auditing has focused on controls and procedures ignoring the risk. Public sector operations are susceptible to different types of risks that an internal auditor should understand and be able to mitigate.
At the end of the course, participants will be able to:
- Clearly understand the concept of Risk based approach to financial audit in Public Sector Institutions
- Demonstrate an understanding of the various risk assessment procedures to be able to apply the knowledge of risk assessment in public sector auditing
- Demonstrate the ability to discern sufficiency and appropriateness of audit evidence and the ability to differentiate between the tests of controls and substantive procedures
- Use appropriate financial audit practices in line with risk-based approach, in conducting future audits
- Refocus public sector auditing to embrace all forms of risk in Public sector operations
- Know how to use several templates as tools to assist the auditor in implementing each stage of risk-based audit.