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What kind of audits does AGO carry out?

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AGO carries out financial regularity audits and selective audits as depicted in the Venn diagram below.

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A financial regularity audit of an entity involves the following:

  1. an examination of accounts for the purpose of rendering an opinion on financial statements [Financial Statements audit];

  2. a check for compliance with laws, policies, contracts and agreements, and administrative rules or instructions, involving, or as may affect the revenue, expenditure, assets and liabilities [Compliance audit]; and

  3. a check on the adequacy of internal control systems (e.g. IT controls, approving authorities) that Management has put in place to safeguard its resources against waste, loss and misuse [Internal Controls audit].

A selective audit is an examination of selected activities and operations, carried out in relation to the accounts,

  1. to check for financial irregularities (apart from rendering an opinion on the financial statements); and

  2. to ascertain whether there has been excess, extravagance, or gross inefficiency leading to waste, and whether measures to prevent them are in place.


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