Independent or Third Party audit?

Better Essays

The Daily Star
Wednesday, January 16, 2013

Independent or Third Party audit?
M.S. Siddiqui
Bangladesh needs effective auditing for transparency and accountability of the government. A weak government audit means that systemic problems in the collection and spending of public funds, and the use of public assets, may go unnoticed, while strong government audit can be a catalyst to continual improvement in proper financial management. It can strengthen government performance and service delivery, as well as reduce opportunities for corruption.
In Bangladesh, rampant public sector corruption and inefficiency provides ground for the public to see the performance of the
…show more content…
The CAG is appointed by the president from audit cadre officers for a term of five years or until the appointee attains the age of sixty-five, whichever is earlier. Canada and the United States provide for 10-year terms to professionally qualified persons. In Bangladesh, the current practice of CAG tenure of five years does not provide a long enough term to initiate and implement reforms.
In Bangladesh Warrant of Precedence, the CAG is ranked sixteenth, which is below the rank of cabinet secretary. In many countries, including Canada, this position is of an equivalent rank to that of a minister or a federal justice. Model legislation for an audit office prepared in the United Kingdom recommends the same status as chief justice.
The CAG needs mandate from the nation through the legislature having core principles of legislative and administrative framework, security of tenure, and legal immunity in the normal discharge of his duties. It must give sufficiently broad mandate and full discretion for its functions and the freedom to decide on the content and timing of reports and to publish and disseminate them, and to recommend policy and follow-up mechanisms. The act also must ensure institutional framework for the supreme audit institution; a process for setting auditing standards; use of code of ethics or conduct, arrangements to ensure accountability in the institution; independence;
Get Access