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Office of the Auditor General of Eritrea Unveils New Risk Management Policy

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The Office of the Auditor General of Eritrea has announced a new risk management policy aimed at ensuring the effective and efficient discharge of its duties and responsibilities. The policy, which was approved by the Auditor General, is designed to integrate risk management into all aspects of the Office’s operations.

Key Features of the Policy

  • Establishes a risk register to maintain an assessment of the risks faced by the organization
  • Identifies, assesses, and prioritizes risks, as well as develops strategies for mitigating or managing those risks
  • Emphasizes compliance with international standards in all aspects of the Office’s work, including the INTOSAI/ISSAI auditing standards
  • Requires the adoption of a code of ethics that reflects the principles of integrity, independence, objectivity, professional competence, conflict of interest, due professional care, and professional secrecy
  • Stresses the importance of political neutrality and independence from political influence

Code of Ethics

The policy sets out clear guidelines for auditors in their professional activities and helps to maintain public trust and confidence in the Office. The code is designed to serve as a guide for auditors and will help them to:

  • Act with integrity and independence
  • Maintain objectivity and professional competence
  • Avoid conflicts of interest and ensure due professional care
  • Respect professional secrecy

Review and Revision

The policy will be reviewed every two years to ensure that it remains relevant and effective in managing risk.

Definitions

The policy defines key terms such as:

  • Risk: The possibility of an event occurring that may have a negative impact on the organization.
  • Consequence: The potential outcome or result of an event.
  • Likelihood: The probability of an event occurring.
  • Risk assessment: The process of identifying, analyzing, and evaluating risks.
  • Risk management: The process of developing and implementing strategies to mitigate or manage risks.
  • Risk treatment: The actions taken to mitigate or manage risks.

These definitions are based on the Australian & New Zealand Risk Management Standard.

Acknowledgments

The Office acknowledges the reference materials used in preparing this policy document, including:

  • AFROSAI-E Regularity Auditing
  • INTOSAI 9130 Guidelines for Internal Control Standards for the Public Sector
  • INTOSAI Code of Ethics and Auditing Standards
  • The International Standards for Supreme Audit Institutions (ISSAIs) Code of Ethics
  • COSO Enterprise Risk Management Integrated Framework
  • The Australian & New Zealand Risk Management Standard

Contact Information

For more information on the Office’s risk management policy, please contact [Name] at [Email] or [Phone].