Financial Crime World

Audit Officers: A Key Role in Promoting Good Governance

The Royal Audit Authority has introduced a Competency-Based Framework for Audit Officers, outlining the key roles, competency areas, and behavioral indicators required to excel in their positions.

Key Roles

Three key roles have been identified as crucial for Audit Officers:

  • Financial Statements Examiner: Examines whether financial statements are free from material misstatement due to fraud or error.
  • Value for Money Promoter: Examines whether government undertakings, systems, operations, programs, activities, or organizations operate in accordance with the principles of economy, efficiency, and effectiveness.
  • Compliance Assessor: Assesses whether activities, financial transactions, and information comply with applicable authorities governing audited entities.

Competency Areas

The framework identifies two competency areas:

  • Behavioral Competency (All three Key Roles):
    • Lead by Example
    • Engagement and Communication
    • Professionalism
    • Team Work
    • Change Management
  • Functional Competency (Specific Key Role):
    • Knowledge on Public Financial Management System
    • Domain knowledge on accounting standards, FA standards, PA standards, CA standards

Key Competencies

A total of 24 key competencies have been identified, divided into:

  • Core competency
  • Leadership competency
  • Technical or functional competency The framework outlines five key competencies for behavioral competency and 19 for functional competency.

Behavioral Indicators

The framework includes 47 behavioral indicators, outlining desired and observable behaviors when executing tasks. These indicators serve as a tool to guide evaluations of employee performance.

Examples of behavioral indicators include:

  • Demonstrates ethical behavior in all situations
  • Displays personal accountability and takes ownership of responsibilities
  • Respects diversity to promote inclusiveness

Conclusion

The Competency-Based Framework for Audit Officers provides a comprehensive guide for audit professionals to excel in their roles. By understanding the key roles, competency areas, key competencies, and behavioral indicators, Audit Officers can contribute effectively to promoting good governance in the public sector.

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