Abstract
This chapter first examines the place of external audit and the supreme audit institutions (SAIs) that are responsible for providing audit services to government in individual countries, and addresses possible misconceptions about external audit. It then notes differences in the scope of external audit and of institutional models of audit among countries. The origins of external audit in the accounting profession and the nature and origin of accepted pronouncements and standards of auditing are then discussed. Finally, the chapter reviews the accepted components of good external audit — namely, independence, adequate audit scope and coverage and adequate SAI capacity, impact and accountability.
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References
Dye, K., and R. Stapenhurst. 1998. Pillars of Integrity: Importance of Supreme Audit Institutions in Curbing Corruption. Washington, DC: World Bank.
INTOSAI. 1977. Lima Declaration of Guidelines on Auditing Precepts.
INTOSAI. 2007. Mexico Declaration on SAI Independence.
Memorandum of Understanding between the international donor community and INTOSAI on strengthening SAIs, 2009.
Shand, D. 2007. “Performance Auditing and Performance Budgeting,” in M. Robinson (ed.) Performance Budgeting: Linking Performance and Results. New York: IMF and Palgrave Macmillan.
World Bank. 2001. Features and Functions of Supreme Audit Institutions, PREM Note 59.
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© 2013 David Shand
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Shand, D. (2013). External Audit. In: Allen, R., Hemming, R., Potter, B.H. (eds) The International Handbook of Public Financial Management. Palgrave Macmillan, London. https://doi.org/10.1057/9781137315304_38
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DOI: https://doi.org/10.1057/9781137315304_38
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-33598-5
Online ISBN: 978-1-137-31530-4
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