Para 6.1.10 — MSO (Audit)
Original Rule Text
6.1.10 The overall objectives of the biennial plan would be to:
(i) provide assurance to the legislature that all audit-worthy, significant and auditable entities were considered while deciding the priorities;
(ii) provide a frame work for identifying the departments, programmes and common functions which are significant and/or vulnerable to risks and serious irregularities and, therefore, need urgent audit attention;
(iii) optimise the use of available resources for achieving the long-term and short-term audit objectives;
(iv) minimise redundant audits and ensure proper utilisation of available manpower and other resources;
Above all, the most important output and the main objective of the Audit Plan would be to ensure the comprehensiveness, quality and depth of the conventional Audit Reports.
- Annual Audit Plan
What This Means
The biennial (two-year) audit plan has four key objectives: assuring the legislature that all significant entities were considered, providing a framework to identify high-risk departments and programmes, optimizing resource allocation for audit, and minimizing redundant audits. The overarching goal is to ensure that the Audit Reports presented to the legislature are comprehensive, high-quality, and sufficiently detailed.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Provides assurance to the legislature that all audit-worthy entities were considered in planning
- 2Creates a framework for identifying departments and programmes that are significant or high-risk
- 3Optimizes use of available audit resources for both long-term and short-term objectives
- 4Minimizes redundant audits and ensures proper utilization of manpower
- 5The primary output is ensuring comprehensive, quality, and in-depth Audit Reports
Practical Example
While preparing the biennial audit plan, the AG (Audit) office identifies that the Rural Development Department has seen a 40% expenditure increase with several flagged internal audit reports. The Education Department, while large, has strong internal controls. Resources are prioritized toward Rural Development, and the Education Department gets a lighter review — ensuring high-risk areas get attention without wasting resources on low-risk ones.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why is the plan biennial rather than annual?▼
What does 'audit-worthy' mean in this context?▼
How does this relate to the Audit Reports presented to the legislature?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.