lOMoAR cPSD| 48433225
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, lOMoAR cPSD| 48433225
QUESTION1
1.1 Describe the objectives and principles of
auditing and demonstrate understanding
with the use of relevant public sector
examples.
INTRODUCTION
Public accountability, reporting, fraud, and errors
are some of the main goals and tenets that auditing
supports. Public accountability is the duty of
organizations, especially those in the public sector,
to inform stakeholders about their operations and
results. This promotes openness and trust in the
neighbourhood. Errors and fraud can seriously
affect the auditing process and the accuracy of
financial statements. For auditors and
organizations, it is essential to comprehend these
ideas. The researcher will talk about reporting and
public accountability, as well as fraud and errors.
6. Public accountability and reporting
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According to Sikhakane & Reddy (2011:
Employees are required to take responsibility for
their work performance results which fall within
their direct authority as stated by Smit & Cronje
(2002:192) according to Sikhakane & Reddy
(2011: 85). The concept of accountability
establishes a relationship between organizational
results and the activities of specific people or
business segments. According to Sikhakane &
Reddy (2011: Public accountability involves
holding government entities and officials
responsible for their activities and the
management of public funds. Public sector audits
operate on the fundamental goal of establishing
government transparency and trust. Auditing
ensures public bodies remain accountable for their
financial choices. The system provides clear
insight into how government funds are utilized. It's
crucial for government agencies to deliver
complete and accurate information to legislative
bodies like Parliament within set timeframes.
These bodies rely on audit results to take
appropriate actions and uphold accountability
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, lOMoAR cPSD| 48433225
standards. Auditing is the key way to ensure that
government institutions handle public money
responsibly and are held accountable for their
financial activities.
Naidoo (2017: 3) points out that one of the
fundamental financial responsibilities of the state
is how the government manages public funds for
its citizens. The executive branch is required to
keep lawmakers, especially Parliament, informed
about their accountability duties. Yet, the
connection between approved budgets and the
reporting of budgeted costs is anything but simple.
In practice, the scenario is quite different. There
are many government departments, constitutional
entities, trading companies, and a variety of
transactions and transaction types, resulting in
numerous potential combinations.
According to Naidoo (2017: 3), Parliament relies
on the audit function to provide thorough,
accurate, and timely information, which is
essential for fulfilling its accountability duties and
Downloaded by Vincent master ()
Downloaded by Vincent master ()
, lOMoAR cPSD| 48433225
QUESTION1
1.1 Describe the objectives and principles of
auditing and demonstrate understanding
with the use of relevant public sector
examples.
INTRODUCTION
Public accountability, reporting, fraud, and errors
are some of the main goals and tenets that auditing
supports. Public accountability is the duty of
organizations, especially those in the public sector,
to inform stakeholders about their operations and
results. This promotes openness and trust in the
neighbourhood. Errors and fraud can seriously
affect the auditing process and the accuracy of
financial statements. For auditors and
organizations, it is essential to comprehend these
ideas. The researcher will talk about reporting and
public accountability, as well as fraud and errors.
6. Public accountability and reporting
Downloaded by Vincent master ()
, lOMoAR cPSD| 48433225
According to Sikhakane & Reddy (2011:
Employees are required to take responsibility for
their work performance results which fall within
their direct authority as stated by Smit & Cronje
(2002:192) according to Sikhakane & Reddy
(2011: 85). The concept of accountability
establishes a relationship between organizational
results and the activities of specific people or
business segments. According to Sikhakane &
Reddy (2011: Public accountability involves
holding government entities and officials
responsible for their activities and the
management of public funds. Public sector audits
operate on the fundamental goal of establishing
government transparency and trust. Auditing
ensures public bodies remain accountable for their
financial choices. The system provides clear
insight into how government funds are utilized. It's
crucial for government agencies to deliver
complete and accurate information to legislative
bodies like Parliament within set timeframes.
These bodies rely on audit results to take
appropriate actions and uphold accountability
Downloaded by Vincent master ()
, lOMoAR cPSD| 48433225
standards. Auditing is the key way to ensure that
government institutions handle public money
responsibly and are held accountable for their
financial activities.
Naidoo (2017: 3) points out that one of the
fundamental financial responsibilities of the state
is how the government manages public funds for
its citizens. The executive branch is required to
keep lawmakers, especially Parliament, informed
about their accountability duties. Yet, the
connection between approved budgets and the
reporting of budgeted costs is anything but simple.
In practice, the scenario is quite different. There
are many government departments, constitutional
entities, trading companies, and a variety of
transactions and transaction types, resulting in
numerous potential combinations.
According to Naidoo (2017: 3), Parliament relies
on the audit function to provide thorough,
accurate, and timely information, which is
essential for fulfilling its accountability duties and
Downloaded by Vincent master ()
