Abstract
Public sector audits involve checking the financial issues of state-owned entities that have been conducted in the best interest of the public, and to determine whether standard procedures have been followed to adhere to the procedures required to promote transparency and good governance (such as public sector procurement rules). Public sector audits therefore go a step further than the financial audits of non-governmental companies that focus primarily on the reliability of financial statements. The specific objective of this study is to investigate the public sector financial audit effectiveness in the Abu Dhabi Police (ADP), UAE. Other objectives are, to investigate impact of infrastructure for financial audit in the Police Department to improve performance, to investigate the competency of the public sector financial auditors in the ADP, UAE. Some of the other factors that can impact the efficiency of the governmental audit process are the independence and motivation of the institute which can conduct the work of the audit without any department intervention for audit work. The freedom of internal audit and assurance for the objectivity institute is both in service and in consultation. The first objective of the study , it is seen that the effectiveness of the public sector financial audit will be more appropriate if there is a scope of joint audit and both local and global reputed audit firms are involved . The research has focused the need of such need of the hour independent acceptability to be at par with leading nation globally. Secondly, impact of the competency of the public sector financial audit was observed to be very ineffective due to the fact it is just a routine check, rather the competency would have been improved if in addition surprise public sector financial audit was determined and put into place.
Highlights
The audit is an examination conducted by a competent professional and independent opinion to express a reasoned opinion on the regularity and the fairness of the statement of financial position and information annexes to the annual accounts of an enterprise "(Ordre des Experts-Compatibles (OEC)
In the IFAC standards: "The financial audit has purpose of allowing the auditor to express an opinion according to the financial statements have been prepared in all their aspects significant, in accordance with a defined accounting framework.”
The following definition given by the French Institute of Auditors and Internal Controllers (IFACI) reflects the evolution and reflects the current conception of internal audit: "Internal audit is the periodic review of the instruments available to a management to control and manage the business
Summary
The audit is an examination conducted by a competent professional and independent opinion to express a reasoned opinion on the regularity and the fairness of the statement of financial position and information annexes to the annual accounts of an enterprise "(Ordre des Experts-Compatibles (OEC). In the IFAC standards: "The financial audit has purpose of allowing the auditor to express an opinion according to the financial statements have been prepared in all their aspects significant, in accordance with a defined accounting framework.”. The following definition given by the French Institute of Auditors and Internal Controllers (IFACI) reflects the evolution and reflects the current conception of internal audit: "Internal audit is the periodic review of the instruments available to a management to control and manage the business. This activity is carried out by a department dependent on the management of the company and independent of other services "
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