Audit Scrutiny on Financial Institutions

DOMINICA FINANCIAL INSTITUTIONS UNDER SCRUTINY: AUDIT AND COMPLIANCE OFFICE EYES PUBLIC RESOURCES MANAGEMENT

Introduction

The Office of the Director of Audit, also known as the Auditor General, plays a vital role in ensuring that public resources are managed efficiently and effectively in Dominica. The office’s mission is to conduct independent audits and make recommendations to improve the use of public funds.

Mission and Vision

The office’s vision statement emphasizes the importance of keeping “watchful eyes to ensure the proper and optimum management of government resources.” To achieve this goal, the office develops and maintains a comprehensive internationally accepted program for evaluating financial and operational systems and procedures across all government activities.

Key Functions

The Office of the Director of Audit is responsible for:

Examining financial transactions for accuracy
Evaluating compliance with laws and regulations
Assessing the cost-effectiveness and efficiency of government activities

Leadership and Accountability

Mrs. Maylina Jno. Ville, the director of audit, oversees the management of the office and ensures that all audits meet high-quality standards. The office is responsible for submitting annual reports to the Speaker of the House of Assembly through the Minister of Finance, which are then laid in the House and become public documents.

Objectives

The Office of the Director of Audit has several key objectives, including:

Determining the integrity of the state’s public audit process
Applying internationally accepted public sector auditing standards
Ensuring that all work plans, working papers, and reports comply with these standards

Staff Development and Competence

The office is committed to recruiting, developing, and maintaining qualified and competent audit technical staff to ensure that public resources are managed effectively.

Conclusion

In conclusion, the Office of the Director of Audit plays a crucial role in ensuring that Dominica’s financial institutions operate within the bounds of laws and regulations, and that public resources are managed efficiently. The office’s commitment to transparency and accountability is essential for maintaining trust in the country’s governance systems.