Govt working to strengthen internal audit capabilities – Min Singh

Guyana’s oil and gas industry is driving the need for more robust auditing systems in order to ensure continued compliance with internal regulations.
This is according to the Senior Minister in the Office of the President with Responsibility for Finance and Public Service, Dr Ashni Singh, who was at the time speaking during a training seminar hosted by the Institute of Internal Auditors (IIA) Guyana Chapter Inc. at the Regency Suites Hotel in Georgetown on Thursday.
The minister emphasised the importance of these systems in ensuring adherence to relevant laws and policies.
Against this backdrop, the minister said Government is working to strengthen existing internal audit systems in order to achieve more comprehensive coverage across all ministries.
Internal audits are independent review processes that examine an organisation’s operations and financial records, among other aspects. The process is aimed at identifying areas for improvement, and for making recommendations.
Government currently has an effective internal audit system in the Finance Ministry, but Dr Singh acknowledged inconsistencies across other ministries.
“Some ministries have an internal audit department [and] some don’t, so we ourselves in Government are considering how we can better deploy the internal audit capabilities in the Ministry of Finance across the whole of Government, so that we can address [and] identify critical areas that we are of the view should be covered by the internal audit function,” Dr Singh has disclosed.
He explained that this system would help to bolster oversight and accountability; would align with Government’s aim to ensure responsible management of public resources; and would maximise the value of Guyana’s growing economy.
“It is our intention to further roll out the internal audit function across the whole of Government, (in order) to ensure that we have comprehensive coverage, and to ensure that we maximise on the tremendous value that can be added by internal audit in Government,” he explained.
Further, the minister has noted that information and communications technology (ICT) is also a critical element in managing Government resources and ensuring they are expended effectively. In this regard, Minister Singh recalled that a comprehensive Integrated Financial Management and Accounting System had been deployed years ago at the Ministry of Finance, and he said this system continues to prove effective.