Research suggests a principal cause of fraud to be a weak, limited internal control system.An internal control system aims to (1) comply with legal, technical and administrative order; (2) promote an entity’s efficiency and effectiveness; (3) guarantee information reliability and timeliness; and...
Corruption and money laundering demoralize human development, international security and national economies. According to the World Bank and International Monetary Fund (IMF), corruption is the greatest hurdle to lifting millions of people from destitution. Money laundering invigorates corruption, as it does all profit-driven delinquencies. Corruption and money laundering are mutualistic...
Corruption and financial fraud are very challenging issues within the banking system that can inflict irreparable harm to a nation’s development and growth. The potential widespread and destructive effects can reduce social capital and increase poverty, social injustice and class divisions. The banking system will continue to face these issues far into the future until successful counteraction initiatives are implemented...
In September 2015, nearly all United Nations (UN) member countries committed to the 17 Sustainable Development Goals (SDGs)—global goals created to steer policy making and development funding until 2030. Each goal is comprised of targets, and each target is further refined through one or two indicators designed to measure progress. Though global targets and indicators have been established for each goal...
Auditors love words! Having served as an auditor for more than 10 years, it seems that words tend to be a source of comfort and confidence, and we, as auditors, rely on words when attempting to get our message across to readers. At the same time, we realize those reading our reports are probably suffering from information overload and are...
“You must run to keep in place. If you want to get somewhere else, you must run at least twice as fast as that.”—Red Queen theory of evolution. Traditionally, audits, based on accounting standards, have focused on financial statement accuracy and regularity. In the area of public audit, the traditional approach also...
Public audit aims to enhance good governance by promoting transparency and accountability in governmental financial affairs. Throughout the audit process, identifying any weaknesses and gaps is crucial...
Supreme Audit Institutions (SAIs) play a pivotal role in holding governments accountable for the use of public funds. At the forefront of good governance, SAIs can significantly add value and benefits to the lives of citizens. This article explores SAI stakeholder engagement and presents findings from an international survey...
The adoption of the Sustainable Development Goals (SDGs) by the United Nations (UN) in 2015 marks an impressive milestone in the modernized world's history. Nearly all UN-member countries have accepted (and most have ratified) the SDGs into national policy frameworks. The SDG initiative attempts to...
Since 2005, the Office of the State Audit Office (SAO) of the Kingdom of Thailand, the nation's Supreme Audit Institution (SAI), has been responsible for initiating environmental audits, and the SAO gives precedence to environmental issues involving sustainable development. This article depicts the SAO’s three-phase approach in carrying out environmental performance audits and cultivating...