1. The National Treasury AREAS OF IMPROVEMENT AND PREPARATION OF THE AUDIT FILE FINANCIAL YEAR 2014/2015

2. Areas of Improvement

3. Areas of Improvement – FY 2015/2016
Entrance and exit meetings
Coordination of the Audit Process
Regular Progress Meetings
Provide all Documentation in Site
Involve the Internal Audit Function and Other Stakeholders.
Areas of Improvement – FY 2015/2016

4. Areas of Improvement – FY 2015/2016
1. Entrance and exit meetings
It is important that the Accounting Officer attends both the entrance and the exit meeting with the Auditor General. This enables the team to plan better for the audit and also enable one to get acquainted with any outstanding issues at the end of the audit process that will require your closely follow up. It is critical to ensure that proper minutes are kept for each meeting held with the Auditors.
Areas of Improvement – FY 2015/2016

5. Areas of Improvement – FY 2015/2016
2. Coordination of the Audit Process
For proper coordination of the audit exercise, it is critical to have a senior officer coordinate the audit process and act as the liaison person with the Auditor General who will flag out issues that require immediate attention.
Areas of Improvement – FY 2015/2016

6. Areas of Improvement – FY 2015/2016
3. Regular Progress Meetings
It is critical to hold regular meetings with the audit team to discuss the progress of the audit exercise. This enables
resolution of issues rather than waiting for the issues
to pile up for the exit meeting or following up issues
Areas of Improvement – FY 2015/2016

7. Areas of Improvement – FY 2015/2016
4. Provide all documentation on site
It is critical to ensure that your team cooperates with the Auditor General during the audit process. All documents requested for scrutiny by the Auditor General would need to be provided promptly while the audit team is on—site. Documents requested and handed over to the auditors should also be well recorded for traceability and ensuring safe custody.
Correspondence including oral conversations on resolution of issues between the auditor and the MDA should always be documented and put in a file.
Areas of Improvement – FY 2015/2016

8. Areas of Improvement – FY 2015/2016
5. Involve the Internal Audit function and other stakeholders:
You are encouraged to involve all stakeholders for purposes of ensuring that all documentations supporting the transactions during the year under audit are available for scrutiny. These are :
The Internal Auditors
The Finance/Budgeting Officers
The Imprest Accounting Officers
The Procurement Accounting Officers
The Bank and Ledger Reconciliation Accounting Officers
The Consultant who offer Technical Assistance
Areas of Improvement – FY 2015/2016

9. Preparation of the Audit File

10. Preparation of the Audit File
Extracted and Reconciled reports from IFMIS i.e Statement of Financial Position (Statement of Assets and Liabilities), Statement of Receipts and Payments, Statement of Cashflows, Statement of Budget Execution (Statement of Appropriation) and the notes to the statements extract from IFMIS.
A complete and valid IFMIS Trial Balance
Reconciled Inter - Entity Confirmations between sending and receiving entity.
Exchequer Receipts confirmed with memos from The National Treasury.
Manual and auto bank reconciliations prepared and reviewed with outstanding reconciling issues resolved .
Preparation of the Audit File

11. Preparation of the Audit File
Well supported Imprest Register
Well Supported Fixed Asset Register
Pending Bills Listing
Account Analysis from IFMIS
Source Documents to support receipts and Expenditure Items
Support for Journal Vouchers
Preparation of the Audit File