MONROVIA- The General Auditing Commission (GAC) has begun a five-day Financial Auditing Manual training as part of an effort to enhance the skills of auditors in Risk Assessment, Internal Controls Evaluation, and procedure in planning an audit.
By Francis G. Boayue
The GAC, with funding and facilitation from the African Organization of Supreme Audit Institutions (AFROSAI-E) Secretariat, on Monday, November 11, began a five-day training, expected to end on Friday, November 15, 2024, with an aim to cover various segments of the Financial Auditing Manual (FAM) in line with the International Organization of Supreme Audit Institutions (INTOSAI), including aspects of planning the audit, risk assessment, and internal controls evaluation
The Auditor General of the Republic of Liberia, Hon. P. Garswa Jackson, speaking at the opening of the training on Monday, emphasized the importance of the Financial Auditing Manual as a comprehensive guide to be used by the General Auditing Commission to perform financial audits in accordance with the International Standards of Supreme Audit Institutions (ISSAls).
“The knowledge, experiences, and perspectives gained from this exercise would be the highest standards and produce more quality audit reports so that our citizens can benefit from greater transparency and accountability in the use of public funds, thereby ultimately improving the lives of our people,” AG Jackson said.
He said the training is expected to cover various segments of financial audit, including aspects of planning the audit, risk assessment, and internal controls evaluation. These segments, he added, are important because understanding the entity through effective planning, risk assessment, and internal controls evaluation is fundamental to identifying the resources, substantive procedures, and the development of appropriate audit strategies needed for the conduct of a quality financial statement audit.
According to him, other segments of the financial auditing manual including substantive audit procedures and reporting, will be covered in subsequent training.
“It is important to note that these are periodic capacity building initiatives conducted at the GAC to ensure that our staff are updated with current audit techniques to perform various audits of public sector entities, ensuring quality and comparability with other Supreme Audit Institutions and the relevant standards of the INTOSAl Community,” AG Jackson asserted.
AG Jackson outlining the importance of the training, said the training is essential because it outlines the principles and standards for auditing the financial statements of government entities, and as well assist in building the capacity of workers of GAC to ensure that all staff are updated with current audit techniques to perform various audits of public sector entities, ensuring quality and comparability with other Supreme Audit Institutions and the relevant standards of the INTOSAl Community.
He, however, lauded the AFROSAI-E Secretariat and colleagues from SAl Ghana and the Gambia who have come to Liberia to facilitate this very important training.
