Enhancing Financial Compliance and Effectiveness in Brunei Darussalam

The Ministry of Finance and Economy in Brunei Darussalam has introduced robust audit procedures to strengthen financial compliance and enhance the overall effectiveness of government operations.

Comprehensive Framework for Audit Procedures

The audit process involves planning and conducting assessments of various departments and divisions within the ministry, including:

Human Resource Development and Corporate Affairs
Expenditure Division
Revenue Division
State Tender Board
Registry of Company and Business Division (ROCBN)
Treasury Department
Royal Customs and Excise Department

The six controlled elements used to make assessments are:

Organizational management control
Allocation control
Revenue control
Spending control
Saving account control
Control of inventory/store management and vehicles

Audit Process

The audit team reviews compliance with existing policies, plans, procedures, and regulations currently in force. The findings are then compiled into a comprehensive report that highlights any weaknesses in financial management and government property. Recommendations for improvement are also provided to strengthen the financial management control system.

Key Responsibilities of the Audit Department

The Audit Department plays a crucial role in:

Conducting an annual board of survey to examine cash and stamps held in safe custody at the Treasury Department and Postal Service Department
Monitoring actions taken by departments and divisions based on its advice and recommendations

Emphasis on Accurate Records and Financial Management Control System

The audit procedures emphasize the importance of:

Maintaining accurate records related to financial management
Evaluating the structure and financial management control system
Working closely with the Treasury Department and Audit Department to analyze information and documents for advisory purposes

Expected Outcomes

These measures are expected to enhance operational efficiency and effectiveness within the Ministry of Finance and Economy, ultimately contributing to better governance and economic growth in Brunei Darussalam.