SAI-LEVEL SUPPORT TO BHUTAN CONTINUES
Onsite Support to Conduct ISSAI-Based Pilot Financial Audit
In accordance with the Statement of Commitment (SoC) signed between the Supreme Audit Institution (SAI) of Bhutan and IDI in 2016, IDI provided onsite support on conducting an ISSAI-based pilot financial audit for two audit teams in Thimphu, Bhutan.
IDI staff, co-facilitated by two SAI Bhutan mentors, reviewed audit work performed by the two teams and provided feedback used by the teams to further improve audit documentation throughout the week-long event.
The two teams have returned to the respective entities after the workshop to perform further audit procedures that were either not covered at the planning phase of the audit or yet to be performed as at the date of this workshop. Each audit team included a supervisor and team leader in addition to team members.
SAI Bhutan’s Auditor General and Deputy Auditor General were also in attendance at the workshop, which is the second onsite support event on this pilot financial audit (the first one was provided during the planning phase of the audit in February 2017).
Financial Audit Quality Assurance Training
Training on conducting Quality Assurance (QA) reviews of ISSAI-based audits took place in Thimphu, Bhutan, earlier this year for a team of auditors from the SAI of Bhutan.
IDI, along with SAI Bhutan mentors, conducted the training, which sensitized auditors on IDI’s new Financial Audit QA tool. The team conducted a QA review of one SAI Bhutan financial audit as part of a practical session, and the training also covered QA models and QA functions.
A SAI outcome under the SoC is that “SAI Bhutan has well-functioning QA mechanism,” and this particular training facilitates QA reviewer capacity development, as well as strengthens the SAI’s existing QA function. The training was also attended by the Deputy Auditor General and staff of SAI Bhutan’s existing Research and Quality Assurance Division.
Quality Assurance Review
of ISSAI-Based Pilot Financial Audit in SAI Bhutan
Conducting a QA review of pilot audits marks the final stage of the 3i Phase II SAI-level support program being delivered in SAI Bhutan.
Following onsite technical support, SAI Bhutan QA reviewers have been conducting QA reviews on two recently completed ISSAI-based pilot financial audits. IDI’s technical support included conducting the review consistently, applying IDI’s QA tool in an appropriate manner and drafting the review report.
The QA review team presented the progress made thus far to the Auditor General and SAI management, including the draft QA report of one audit engagement. As envisaged in the SoC, SAI management acknowledged the need to institutionalize the QA function and has already commenced establishing a fully functional QA mechanism.
Similar onsite support will be provided for performance and compliance audits in early 2018.