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Auditing
What is auditing?
The general definition of an audit is an official, planned, unbiased, and documented activity performed by qualified personnel to determine by investigation, examination, or evaluation of objective evidence, the adequacy and compliance with established procedures, or applicable documents, and the effectiveness of implementation. The term may refer to audits in accounting, internal controls, quality management, project management, water management, and energy conservation.
In other words, an audit is an examination and verification of a company’s financial and accounting records and supporting documents by a professional, such as a Certified Public Accountant.
Who needs auditing and in Tanzania?
As of January 1st, 2004, the National Board of Accountants and Auditors has wholly adopted the International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board (IASB), and International Accounting Standards (IASs) and International Standards of Auditing (ISAs), issued by the International Federation of Accountants (IFAC). The standards Adopted are as listed below:
What are the audit processes in this country?
According to the Public Audit Act (section 33 (1)) empowers the Controller and Auditor General to contract any eligible person/entity to inspect, examine or audit on his behalf the books of accounts of Public Authorities and Other Bodies as clarified further in the NAOT Policy and Guidelines for Contracting out Audit of Public Authorities and Other Bodies of January, 2009.
