Financial Crime World

ERITREA: AUDITOR GENERAL’S OFFICE TAKES CENTRE STAGE IN COMPLIANCE AUDITS IN FINANCE

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In a move aimed at boosting transparency and accountability in the financial sector, Eritrea’s Office of the Auditor General has been playing a crucial role in conducting compliance audits across government institutions and parastatals.

The Role of the Auditor General’s Office

Established in May 1992, the OAG’s mandate is outlined in Proclamation No. 23/1992 and later repealed and replaced by Proclamation No. 37/1993. According to Legal Notice 14/1993 Article 2/25, the Auditor General’s Office has a wide range of responsibilities, including:

  • Auditing or causing to audit all government institutions and parastatals
  • Setting audit standards and guidelines
  • Conducting follow-ups to ensure compliance
  • Providing advice to the Ministry of Finance in preparing financial laws and regulations

Authority and Responsibilities

The OAG also has the authority to:

  • Impound books of accounts where there is a suspected case of fraud or crime
  • Issue certificates of competence to private auditors and accountants, thereby ensuring that they meet the necessary standards to operate in the country

Promoting Transparency and Accountability

The OAG’s efforts have been instrumental in promoting transparency and accountability in Eritrea’s financial sector, with a view to preventing financial mismanagement and corruption. The Auditor General’s Office remains a vital institution in ensuring that government institutions and parastatals operate within the bounds of the law and regulations.

Conclusion

As Eritrea continues to develop its financial infrastructure, the Auditor General’s Office will continue to play a crucial role in maintaining transparency and accountability in the country’s financial sector.