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‘RAA’s Approach towards Risk-based Auditing’
The 13th Annual Audit Conference on the theme
‘RAA’s Approach towards Risk Based Auditing’
will be convened from 21st to 23rd
July 2010, at the YDF Hall, Thimphu. Hundred and seventy
auditors including auditors from the Regional Offices
will be attending the Conference. The opening ceremony will
be graced by the Hon’ble Minister, Ministry of Works & Human
Settlement. As usual, sixteen new members who have joined
the RAA will take Oath of good conduct, ethics and secrecy
from the Venerable Tshugla Lopen from Zhung Dratshang during
the opening ceremony.
“Risk based auditing is an auditing technique that responds
to the risk factors in an audit by assessing the levels of
risk attached to different areas of an organisation’s system
and using the results to devise audit tests. The purpose is
to focus audit on the areas of highest risk in order to
improve the chances of detecting the errors”.
While the Royal Audit Authority had embarked upon conducing
risk-based audit as a new functional approach in the recent
past, it has not been able to fully implement it. For this
reason the theme for this year’s conference had been adopted
as ‘RAA’s approach towards risk-based auditing’,
wherein the initiatives already undertaken to address the
risk-based auditing will be reviewed and new strategies will
be adopted to further strengthen the risk-based audit. With
this approach, it is expected that the audit resources in
terms of time and costs will be utilised efficiently and
effectively, and would add more value to the agencies being
audited.
Amongst others, the three day conference will also witness
the launching of the Financial Audit Manual and the Auditor
General’s Standing Instructions during the opening ceremony.
The agenda of the conference also includes presentation and
deliberations on: Construction Audit Manual, Performance
audit of Farm Roads, Field Audit Monitoring System, Planning
& Monitoring System (PLAMS) and Accelerating Bhutan’s
Socio-economic Development Project by GNHC among others.
The Conference is funded by the World Bank. |
