Guyana’s oil and gas industry is driving the need for more robust auditing systems 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, Georgetown on Thursday.
The minister emphasised the importance of these systems to ensure adherence to relevant laws and policies.
Against this backdrop, the minister said that the government is working to strengthen existing internal audit systems for 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 making recommendations.
The government currently has an effective internal audit system in the Ministry of Finance, but Dr Singh acknowledged inconsistencies across other ministries.
“Some ministries have an internal audit department, [and] some don’t, so we are ourselves in government 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,” the minister said.
He explained that this system will help in bolstering oversight and accountability, and aligns with the government’s aim to ensure responsible management of public resources and 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 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.
The minister further noted that information and communications technology (ICT) is also a critical element in managing government resources and ensuring that they are expended effectively.
In this regard, Minister Singh recalled that a comprehensive Integrated Financial Management and Accounting system was deployed years ago at the Ministry of Finance, and he said that this system continues to prove effective. [DPI]
