7.0 TOPIC 7 PUBLIC SECTOR AUDITING 7.1 Session Objectives

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70 TOPI 'UBLIC SECTOR AUDITING

7.1 Session Objectives

The objective of this session is to explain the basic understanding of the term audit, roles of
External and Intemal Audit Function (IAF) and its position in the public sector as per the legal
¡uirements, with emphasis in Tanzania. Specifically, at the end of the session part

should be abe to:

audit and its types i.e. extemal and internal aud
Explain the legal basis for the establishment and need for the External and In
Auditing Funetion in an Organisation

List and explain the roles played by the Extemal and Intemal Auditing Function in
achieving organisations object

Explain the Internal Control Structure in the Public Sector;

Explain the meaning of Value for Money (VFM) Audit and its importance inthe public

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hip. Iti the indepe

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'OUNTING AUDITING

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External Audit is generally an audit of financial statements. It is the examination by an

independent third party of the financial statements of the organisation, It results in the
publication of an independent opinion on whether or not those financial statements are relevant

PRINCIPAL
ORS:

7. SE" In my opinion, the financial statements of the XYZ PSO have been prepared
based on the generally accepted a nd that they fairly reflect,

all material respects, the results ofits operations and cash-Mlows for the year en
‘on 30° June 20XX, and the financial position as at that dat

except for the following matters, the
PSO have been prepared based on the generally

d that they fairly reflect in all material respects, the results of its
cash-flows for the year e
position as at that date,

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n my opinion, the financial statements of the XYZ PSO do not present fairly

the results of ls operations and cash-Mlows for the year ended on 30° June 20XX,
and the financial postion as at that date

Tips and Hints on E

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E The existence of internal audit function in the organisation is a must, I
ensures that the organisation achieves its objectives. It brings comfort to the

‘management ofthe organisation. I ensures that internal controls in place are working
Also vations that are in place are being follow

External Audito

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al Auditor.

The extemal auditor puts more reliance on the

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