The Edition


Finance Ministry to establish state's internal audit system

Mariyam Malsa
16 February 2020, MVT 08:41
Minister of Finance Ibrahim Ameer. PHOTO: HUSSAIN WAHEED/ MIHAARU
Mariyam Malsa
16 February 2020, MVT 08:41

The Ministry of Finance commenced efforts to establish an internal audit system for the government under the Public Finance Act.

As per a circular released by the ministry, the system will enable convenient identification and verification of state registered bank accounts and public funds as well as financial statistics of government offices and institutions.

The six-member committee formed to oversee the system's formulation will comprise of three members of the finance ministry, a representative of the Auditor General's Office, a representative of the Anti-Corruption Commission (ACC) and two members representing the private sector.

The committee is tasked with creating and implementing the guidelines for the internal audit system. The body is also intended to encourage a culture of transparency and assist the finance minister's auditing duties.

Furthermore, an internal audit department will be formed within the finance ministry to act as an intermediary between the six-member committee and the ministry.

Additionally, the department will oversee the auditing functions created in government institutions to compile audit reports.