Q2 2026

Strong public financial oversight is indispensable to good governance. Financial audits, public debt audits, and citizen-centered mechanisms play essential roles in ensuring the accountability of public funds and protecting fiscal integrity. The Philippines offers a compelling example of how a Supreme Audit Institution (SAI) can lead globally by pioneering a major audit reform initiative and advancing collaboration to strengthen public debt oversight. Together, the Citizen Participatory Audit (CPA) and its Chairmanship of the INTOSAI Working Group on Public Debt (WGPD), highlight the Philippine Commission on Audit’s (COA) commitment to transparency, accountability, and public sector reform.

While financial audits of public expenditures are a cornerstone of government accountability, a critical dimension of public finance often escapes equivalent scrutiny: revenue losses through tax expenditures. In 2023–2024, Brazil’s Supreme Audit Institution (SAI Brazil), conducted an audit of federal tax benefits which revealed significant governance gaps and risks to fiscal sustainability.

Financial statement disclosure is considered an important aspect of enhancing transparency and accountability, thus combating corruption. Financial audits conducted by Supreme Audit Institutions (SAIs) play an effective role in auditing these disclosures. In this article, we shall be tackling the disclosure audit of segments reports in the public sector, presenting a case study on these disclosures as an important aspect of enhancing transparency and accountability.

Governments at a global level, can create various financial structures to segregate funds, set aside funds for specific objectives and manage funds on behalf of other parties. These structures can take the form of various types of trusts, funds, and special-purpose accounts.  Although they provide alternative financing mechanisms that are advantageous in certain circumstances, they can also present challenges from an accounting and auditing perspective.

Audit institutions serve as guardians of transparency and accountability in various societies around the world. Yet for too long, their work has remained cloaked in dense language, legal references, and technical jargon that are largely inaccessible to the general public. While audit reports contain findings that can impact every citizen—from public transportation delays to failures in health systems—most people never read them. In an age where information is expected to be instantaneous, visual, and emotionally resonant, audit institutions around the world must reimagine how they present their work.

This study presents a practical application of Benford’s Law to the expenditure data of two Greek municipalities, Messini and Trifylia, aiming to evaluate the extent to which these financial transactions conform to the expected digit distributions as defined by Benford’s Law. The primary goal is to assess the utility of Benford’s Law as a tool in public sector auditing processes and determine whether it can raise red flags to prompt further investigative procedures.

Public sector accounting in the kingdom of Saudi Arabia is undergoing significant transformation, shifting from cash-based to full-accrual accounting. This shift represents a strategic pillar of Vision 2030, which includes large-scale capital projects. In light of this transformation, financial audits must evolve into proactive tools that identify risks, and help redirect public resources toward citizens’ priorities, rather than solely being passive year-end exercises. In response to these changes, Saudi Arabia’s General Court of Audit (GCA) has taken on an increasingly strategic role in strengthening financial oversight and public accountability. 

In the context of Myanmar’s ongoing political, economic, social, and administrative reforms, public expectations are increasing regarding the effective use of citizen-owned resources and the sound public financial management by the government.

Effective financial oversight is foundational to good governance. The Supreme State Audit Institution of Albania (KLSH) plays a vital role in safeguarding public resources, promoting accountability, and reinforcing trust in public institutions. This article shares key findings from the institution’s 2023 audit activities, assesses their impact on public sector governance, and identifies best practices applicable across INTOSAI member SAIs.

The Audit Board of the Republic of Indonesia (BPK) is constitutionally mandated as an independent body, reflecting the INTOSAI Lima Declaration (1977), which underscores the importance of legal, organizational, and operational independence in ensuring accountability. However, Indonesia’s evolving political and institutional landscape introduces challenges to this mandate. The 2024 presidential transition initiated a new development cycle under Law No. 25/2004, requiring each administration to prepare a National Medium-Term Development Plan (RPJMN) aligned with the Long-Term Development Plan (RPJPN). This process has involved ministerial restructuring, the establishment of new agencies, and the launch of flagship initiatives, such as the free nutritious meal program, all of which reshape governance arrangements and audit priorities.

Over the past 20–25 years, strategic management has been widely accepted as one of the methods for modernizing public policy. The Strategic Plan of the Chamber of Accounts for 2021–2025, which outlines the Chamber’s long-term development, reflects its vision, mission, core values, outcomes and outputs, and relevant activities. It was developed based on international expert evaluations and recommendations, progressive practices, the “Strategic Management Handbook for Supreme Audit Institutions,” and the principles of INTOSAI P-12 (The Value and Benefits of SAIs – Making a Difference to the Lives of Citizens). The Strategic Plan serves as a roadmap for the Chamber of Accounts’ operations from 2021 to 2025. It aims to strengthen institutional capacity and enhance the role of high-quality auditing in public financial management and oversight, through greater engagement with the parliament, government, and society.

Good governance depends on the efficient and transparent management of public funds. Financial audits and oversight mechanisms have become increasingly important as public trust is closely tied to financial accountability. These audits and mechanisms have two main purposes: detecting and preventing corruption and mismanagement, as well as promoting transparency and strengthening institutions to deliver tangible benefits to citizens.

To finance government activities and provisions of public goods and services like healthcare, education, infrastructure, defense, and social welfare programs, public funds are used. These funds are usually managed by government entities and are subject to firm rules and oversight to ensure that they are used in most appropriate manner. Good governance, specifically with respect to public funds, discusses the principles and practices that ensure resources are managed appropriately, clearly, and in the best of public interest. Generally, good governance includes the following key principles: 

“I touch the future. I teach.”- saidChrista McAuliffe, a teacher selected for NASA’s Teacher in Space programme in 1986, highlighting the profound impact educators have on shaping future generations, innovators, and leaders. Her motto reflects a philosophy that teaching is lifelong, influential, and often shapes the future

The Kingdom of Saudi Arabia’s supreme oversight bodies enjoy complete independence in performing their duties, despite certain challenges they may face, such as overlapping powers and conflicting roles between multiple entities, a lack of specialized information technology (IT) skills to keep pace with the monitoring of electronic technologies and digital currencies, or forensic experts to detect complex financial manipulation such as money laundering, as well as a lack of specialists in project management or infrastructure engineers to determine the minimum and optimal use of iron, asphalt, and others related to construction, implementation, and design. 

The new ways of doing business in the digital environment have implicated the current audit practices, specifically in financial audit and have directed the audit function into a new path. Auditors need to handle the changes caused by technologies (Yen, Huang, Li, & Hsiah, 2006) As such, this has led into the necessity of new audit procedures, techniques and tools to evaluate the control in order to mitigate the new business risk (Masli, Peters, & Richardson, 2010).  Further, audit standards have clearly stated that the computer-based controls and computer-assisted audit techniques need to be conducted once audit clients have used advanced enterprise systems and depend broadly on Information Technology (IT) (Abdolmohammadi & Boss, 2009).