Types of audits

The National Audit Office shall carry out:

  • financial audits;
  • compliance audits;
  • performance audits;
  • specific audits.


"Financial audit" shall mean the expressing of an independent audit opinion regarding the degree to which the annual financial statements of a budget organisation give a true and fair view of its financial position and property in accordance with the identified common financial reporting framework.

"Compliance audit" shall mean the review of the financial management and control systems, including internal audit, and managerial decisions relating to the organisation, planning, management, reporting and control of budgetary and other public resources and activities within the audited organisation in respect of its adherence to requirements set out in statutory instruments, internal instruments and agreements.

"Performance audit" shall mean the review of activities pertaining to the planning, implementation and control at all management levels within the auditee regarding their effectiveness, efficiency and economy, whereby:

- "effectiveness" shall mean the extent to which the auditee has achieved its objectives while comparing actual and anticipated results of its operations;
- "efficiency" shall mean the achievement of optimum results with the resources employed by the auditee in carrying out its operations;
- "economy" shall mean the obtaining, at minimum cost, of the resources the auditee needs in order to perform its operations, while observing the resource quality requirements.

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