Para 2.1.3 — MSO

2.1.3 The broad objectives of audit are:

(i) to provide an unbiased, impartial and objective assessment of the reliability and fair presentation of the financial activities and financial position of the Government in their accounts;

(ii) to provide an assessment of the due observance of the laws, rules, procedures and systems in keeping with the financial interests of and propriety in the functioning of the Government; and

(iii) to provide an assessment of the achievement of economy, efficiency and effectiveness (value for money) in the implementation of the mandated activities of the Government.

In the process, audit aims to:

(a) safeguard the financial interests of the taxpayer;

(b) assist the Parliament or State/Union Territory Legislature in exercising financial control over the Executive; and

(c) watch that various authorities of the State set up by, or under, the Constitution act in regard to all financial matters in accordance with the

Constitution and the laws of Parliament and appropriate Legislatures and the rules and orders issued thereunder. The right of independent criticism is inherent in the auditorial function.