Enhancing Financial Institution Compliance Audits in Iraq
The Federal Board of Supreme Audit (FBSA) in Baghdad has received critical support from international experts to enhance financial institution compliance audits in Iraq. As the primary audit institution, the FBSA plays a vital role in ensuring transparency and accountability in government institutions, public funds, and public servants.
Training and Capacity-Building Programs
A team of expert advisors was deployed by DAI, a renowned development consulting firm, to provide training and capacity-building programs for FBSA staff. The advisors brought expertise in:
- Financial and performance audit
- Petroleum accounting
- Fraud detection and prevention
- Institutional relationship strengthening
Objectives of the Training Program
The training program aimed to equip FBSA staff with advanced skills in conducting performance audits across various sectors, including:
- Financial institutions
- Service-oriented industries
- Extractive industries (oil and gas)
Additionally, the team facilitated study tours and exchanges with regional and global supreme audit institutions to share best practices and expertise.
Developing Standardized Procedures
The partnership also enabled the FBSA to develop a manual outlining standardized procedures for conducting performance audits, ensuring consistency and efficiency in their operations.
Strengthening Institutional Collaboration
Town hall discussions were organized between the FBSA and anti-corruption partners within the Iraqi government to foster collaboration and coordination. These initiatives are expected to significantly enhance the FBSA’s capacity to conduct effective financial institution compliance audits, ultimately contributing to increased transparency and accountability in Iraq’s public sector.
Far-Reaching Implications
The success of this partnership is expected to have far-reaching implications for Iraq’s development, as it seeks to strengthen its institutions and combat corruption. By enhancing financial institution compliance audits, the FBSA can play a critical role in promoting good governance and economic growth in Iraq.