The Role of Internal Audit in Government Financial Management: An International Perspective

May 1, 2002

Preview Citation

Format: Chicago

Jack Diamond. The Role of Internal Audit in Government Financial Management: An International Perspective, (USA: International Monetary Fund, 2002) accessed November 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The internal audit function has received increasing attention as an important component of government financial management and a tool for improving the performance of the government sector. Recently, a consensus has been reached on what audit standards governments should meet. This paper reviews these standards from an international perspective, noting that a large number of countries would face severe problems of meeting such standards. It is argued that internationally there are many different models for internal audit, and it may be necessary to take into account different audit traditions and different institutional capacities when introducing measures to strengthen internal audit in developing and transitional countries. The paper then discusses the main issues to be addressed in developing the internal audit in such countries, and offers a framework for introducing much needed reforms in this area.

Subject: Audit standards and procedures, Auditing, External audit, Internal audit, Internal controls, Public financial management (PFM), Revenue administration

Keywords: Activity standard, Audit function, Audit standards and procedures, Audit standards government, Auditing, Budget Systems, Capacity building, Eastern Europe, External audit, Government IA, IA control system, IA function, IA manual, IA organization, IA service, IA staff, IA system, IA unit, Internal Audit, Internal controls, Northern Europe, Prepare IA manual, Routine audit, Work practice, WP

Publication Details

Pages:

36
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2002/094
Stock No:

WPIEA0942002
ISBN:

9781451851731
ISSN:

1018-5941

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