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Compliance Training for Financial Institutions in Tuvalu Receives International Support
Funafuti, Tuvalu - In a groundbreaking move, the Office of the Auditor-General or Supreme Audit Institution (SAI) Tuvalu has received joint support from the Pacific Association of Supreme Audit Institutions and the INTOSAI Development Initiative to enhance the capacity of auditors in conducting financial audits. This innovative program marks a first in the Pacific region.
Enhancing Financial Auditing Capacity
The Memorandum of Understanding between SAI Tuvalu, PASAI, and IDI aims to promote high-quality financial auditing according to International Standards of Supreme Audit Institutions (ISSAIs). The initiative is part of the Strengthening of Public Finance Management and Governance in the Pacific Project, funded by the European Union and implemented by the United Nations Development Programme.
Program Objectives
The program’s objectives include:
- Building audit capacity
- Achieving uniformly high-quality audits
- Promoting value and benefits of SAIs in achieving SDG16
- Contributing to governments’ informed policy decision by ensuring financial statements are up-to-date and of high quality
Workshop on Refined Audit Methodology
As part of the program, a workshop was conducted for SAI Tuvalu staff on the practical application of a refined audit methodology. The facilitators assessed existing audit practices and used the iCAT-FA tool to identify gaps and suggest improvements. This assessment was made possible through the Strengthening of Public Finance Management and Governance in the Pacific Project.
Workshop Facilitators
The workshop was led by PASAI’s Director Technical Support, A’eu Agnes Aruwafu, and INTOSAI Development Initiative’s Senior Manager, Karma Tenzin. The program aimed to equip SAI Tuvalu staff with the skills and knowledge required to conduct high-quality financial audits.
Quality Assurance Peer Review
The program also includes a quality assurance peer review, which will be conducted by participating SAIs to ensure that the learnings from the workshop have been applied to the Financial Statements of Government audit.
Regional Significance
This initiative is significant not only for Tuvalu but also for other Pacific Island countries, including Fiji, Kiribati, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. PASAI acknowledges the continuous support of the Australia Department of Foreign Affairs and Trade (DFAT) and New Zealand Ministry of Foreign Affairs and Trade (MFAT).