Audit is central to public sector governance, helping to ensure processes are transparent and accountable.
A comprehensive audit can produce unbiased, objective assessments of whether public resources are responsibly and effectively managed to achieve the intended results.
Following a methodical audit procedure can attain clarity, confidence and compliance for an organisation. Audits can provide an independent and objective opinion for public sector organisations on:
- Organisational controls
- Use of funds and resources
- Compliance with financial regulations
There are two main principles critical to public sector governance. These are:
- Transparency – this relates to openness and honesty to the general public and the disclosure of key information to stakeholders, enabling them to make informed decisions and ensure the effective use of public resources
- Accountability – this refers to the public sector bodies’ responsibly and accountability for their decisions and actions
A meticulous approach to audit can ensure these two principles are adhered to, enhancing the credibility of an organisation.
The purpose of internal and external audit
Internal audit – this is a process of assessing key risks facing the business and the effectiveness of the control process to manage those risks. Auditors can make recommendations to improve an organisation’s systems and controls where appropriate.
External audit – this allows an organisation to attain a true and fair reflection of its financial standing through an independent examination of its financial statements. It provides the organisation with clarity on whether their financial statements were prepared in accordance with accounting standards.
How Crescent Services can help
Our Audit and Financial Services framework can be used for internal audit, external audit and financial services. You can call-off the framework via mini competition or direct award across 29 lots, each offering between 5 and 15 suppliers. Please visit the Audit and Financial Services framework page or contact us to learn more. If you’re not registered as a member you can join here for free to access the framework documentation.