Para 2.1.25 — MSO

2.1.25 All Audit Offices are required to prepare a biennial audit plan. A single plan will integrate and include Central audit of vouchers and other records, routine inspections (phase audit), financial audits (certification audits) and value for money audit and will comprise a detailed plan for the first year and the broad framework for the second year. This will be an annual exercise when the audit plan for the current year will be updated and modified keeping in view the availability of manpower resources and the priorities of audit during the year, while adding thereto a broad framework for the next year. Thus the audit plan will be an active rolling plan. The main objectives of the biennial audit plan will be to:

(i) provide assurance that all deserving and significant auditable entities have been considered while determining priorities;

(ii) provide a framework for identifying the departments, programmes, functions, etc, which are significant and are vulnerable to risks and serious financial irregularities;

(iii) optimise the use of available resources for achieving the short term and long term audit objectives; and

(iv) minimise redundant audits.