An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, roll forward prior year working papers, and evaluate the propositions in their auditing report.
A financial audit is conducted to provide an opinion whether "financial statements" are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.
In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund, and general spending is paid out of the consolidated fund.
The Comptroller and Auditor General of India is the supreme audit institution of India, established under Article 148 of the Constitution of India. They are empowered to audit all receipts and expenditure of the Government of India and the State Governments, including those of autonomous bodies and corporations substantially financed by the government. The CAG is also the statutory auditor of Government-owned corporations and conducts supplementary audit of government companies in which the government has an equity share of at least 51 percent or subsidiary companies of existing government companies. The CAG is also the statutory auditor of the Lokpal.
The Supreme Audit Office is the supreme audit institution and also one of the oldest state institutions in Poland, created under the Second Republic on February 7, 1919, barely 3 months after the restoration of Poland's independence. It was created on the initiative of the Head of State, Józef Piłsudski. Its organisation and functioning are set out in the Constitution of the Republic of Poland and the NIK Act of 23 December 1994. The NIK is subordinate to the Sejm and it acts in accordance with the principle of collegial responsibility. The NIK is headed by the President who is appointed by the Sejm for a six-year term of office. The NIK performs audits related to, primarily, the execution of the state budget as well as public finance spending and management of public property by state and local governmental bodies and economic entities. Every year, the NIK submits three key documents to the Sejm: the analysis of the state budget execution and monetary policy guidelines, the opinion on the vote of discharge for the Council of Ministers and the annual report on the NIK’s activity.
The Ministry of Finance is a ministry of the Government of Singapore responsible for managing the fiscal policies and the structure of the economy of Singapore.
In Greece, the Hellenic Court of Audit is the supreme audit institution of the Hellenic Republic, auditing the use of public funds in Greece according to the principles of legality, regularity and sound financial management. Synedrio is also the Supreme Financial Court, one of the three Supreme Courts of Justice, grounded on the Constitution, provides for its jurisdictional, advisory and auditing competences.
The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
The Court of Audit of Belgium is a Belgian governmental institution established by article 180 of the Belgian Constitution. The Court of Audit is a collateral body of the Belgian Federal Parliament and exerts external control on the budgetary, accounting and financial operations of the Federal State, the Communities, the Regions, the public service institutions and the provinces. The task of the Court of Audit is defined in its organic law of 29 October 1846. This law gives the Court of Audit a large independence and a wide autonomy to perform its missions.
The International Organization of Supreme Audit Institutions (INTOSAI) is an intergovernmental organization whose members are supreme audit institutions. Nearly every supreme audit institution in the world is a member of INTOSAI. Depending on the type of system used in their home country, the members of INTOSAI may be variously titled the Chief Financial Controller, the Office of the Comptroller General, the Office of the Auditor General, the Court of Accounts, or the Board of Audit.
Rajasthan Accounts Service (R.Ac.S.) formed in 1954, is a premier state civil service of Rajasthan. Accounts/Finance officers of the Service posted in all Government departments, government undertakings, autonomous bodies, Urban Local Bodies and Panchayati Raj institutions etc. manage their financial administration.
The Ministry of Finance of Ukraine is the ministry of the Ukrainian government charged with developing and implementing national financial and budget policies, and with defining national policies in customs and taxation. The ministry is responsible for ensuring that the state has enough resources to perform its functions and that financial policies promote economic growth.
Accountant general or accountant-general is, or was, the name of a government post in several countries.
The Office of the Comptroller and Auditor General of Bangladesh (C&AG) is the Supreme Audit Institution (SAI) of the country. Like the SAIs in many other countries across the world the institution is established by the Constitution of Bangladesh. This institute is responsible for maintaining accounts of the republic and audits all receipts and expenditure of the Government of Bangladesh, including those of bodies and authorities substantially financed by the government. The reports of the CAG are discussed by the Public Accounts Committee, which is a standing committee in the Parliament of Bangladesh.
The Ministry of Economy and Finance, also known by the acronym MEF, is a ministry of the Italian government. Its responsibilities include overseeing economic policy, public investments and spending. The Ministry's headquarters are located in Rome's historic Palazzo delle Finanze. The current minister in the Meloni Cabinet is Giancarlo Giorgetti.
The Ministry of Finance, abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the Malaysian federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
The Board of Audit and Inspection is a national organization headquartered in Seoul, South Korea. Its primary function is the audit and inspection of the accounts of state and administrative bodies.
Shahzada 'Prince' Jamal Nazir is a Pakistani politician. In 2011, he was appointed by Prime Minister Syed Yousaf Raza Gilani as adviser with the status of Federal Minister of State for the Ministry of National Regulations and Services. In 2013, he served in the interim cabinet as the Federal Minister for four ministries that included Ministry of Religious Affairs, Ministry of National Interfaith Harmony, Ministry of National Health Services Regulations & Coordination, and Ministry of National Heritage & Integration. Currently, he is serving as Member National Commission on Minorites as a former Minister for National Interfaith Harmony.
The Department of Finance is a Bengal Government department associated with the state's economy and finance. The Department of Finance manages the State Government finances and is involved in all economic and financial subjects surrounding the State. This includes allocating and deploying financial resources for social welfare, infrastructure and administrative purposes.
The Supreme Audit Institution of Antigua and Barbuda, co-officially known as the Office of the Director of Audit, is the supreme audit institution of Antigua and Barbuda, and as such, assists the Parliament in holding the government accountable in management of the country's finances and operations. The institution describes itself as "an independent, constitutionally established office that exists to serve Parliament."
