Impartial or 3rd party audit?

 Independent or Third Party audit? Research Paper


The Daily Superstar

Wednesday, January 16, 2013

Independent or Third Party audit?

M. H. Siddiqui

Bangladesh needs effective auditing for transparency and accountability from the government. A weak govt audit implies that systemic problems in the collection and spending of community funds, and the use of open public assets, may go undetected, while solid government audit can be a catalyst to regular improvement in proper financial management. It may strengthen federal government performance and service delivery, as well as decrease opportunities intended for corruption. In Bangladesh, rampant public sector corruption and inefficiency gives ground for the public to find the performance from the Office of Controller and Auditor Standard (CAG) in a negative way. However , you should keep in mind that economical accountability in the public sector does not exclusively depend on the performance from the CAG. The behaviour from the parliament, politicians, auditable agencies and the public in particular considerably affects the responsibility mechanism. There was a recent newspapers report that development companions have been providing more and more importance to third get together audit coming from all government-funded and aided projects in transport and sales and marketing communications sectors amongst rising graft-related incidents inside the sectors. Any office of CAG is placed because an fastened department with the Ministry of Finance (MoF), which controls the review and accounts cadre and the budget of the CAG. The Ministry of multinational (MoE), on the other hand, has control over the recruitment, reorganisation and also other personnel concerns of the CAG. Conflict of interests may possibly arise when the CAG takes MoF and MoE to audit since it has to be based upon them. Though the CAG prepares its own spending budget, it needs to obtain the budget approved by the Finance Division. The CAG is definitely the appointing expert of non-cadre class I, class 2, III and IV representatives, but this requires clearance via MoF and...