Supreme Audit Institutions
When the Office of the Auditor General (OAG) does its work, it is required to comply with a set of standards that have been set by the International Association of Supreme Audit Institutions (INTOSAI).
INTOSAI is the umbrella organisation that represents all Supreme Audit Institutions around the world including Solomon Islands’ Office of the Auditor General (OAG). These institutions, which include government audit offices and similar organisations, form the world’s governmental external audit community. Member institutions are represented at the regional level by working groups such as the Pacific Association of Supreme Audit Institutions (PASAI), which the Solomon Islands’ Office of the Auditor General (OAG) is a member of.
Professional Auditing Standards
INTOSAI issues two sets of Professional Standards for all member Supreme Audit Institutions (SAIs). These Standards are The International Standards of Supreme Audit Institutions (ISSAI) and the INTOSAI Guidance for Good Governance (INTOSAI GOV).
These Standards give recognised principles and share the professional experience of the international community of Supreme Audit Institutions (SAIs) as a means of guaranteeing the development of government audit practices. Additionally, these ISSAIs aim to safeguard independent and effective auditing.
In Solomon Islands these Standards guide how the Auditor General and his Office carry out their audits from planning through to testing and reporting.
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Accounting standards are a set of rules to abide by when preparing financial statements of an entity’s accounts, ensuring standardisation across the market.
In the Solomon Islands, public sector entities that are audited by the Auditor General through his Office are required to prepare their financial statements in accordance with these international accounting standards.
The National and Provincial Governments prepare their statements in accordance with a set of Standards known as the International Public Sector Accounting Standards (IPSAS) , issued by the IPSAS Board.
These Standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and aim to improve the quality of reporting by public sector entities, leading to better resource allocation as well as increased transparency and accountability.
While carrying out its audits , the OAG also does assurance checks on whether financial operations and internal controls comply with the respective laws, approved regulations and signed contractual agreements.
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The OAG’s relevant Legislation
Our forum discussions on audit reports.