Audit Committees Charged to Foster Trust in Public Institutions

Public sector auditors are being urged to safeguard citizens’ trust by prioritising accountability, transparency and integrity in the course of their duties.

The charge came from Minister of Finance and the Public Service, Hon. Fayval Williams, while addressing the Ministry’s annual Audit Committees’ Conference at The Summit in Kingston, on Thursday (November 7).

The event, held under the theme: ‘Navigating the Future: Audit Committees as Guardians of Trust in Tomorrow’s World’, underscored the committees’ pivotal role in building trust in public institutions.

Minister Williams said audit committees help create a transparent environment where decisions are made with integrity, further reinforcing the credibility and reliability of the public sector.

She noted the significance of maintaining public trust for long-term success.

“At the core of an audit committee’s rule is the responsibility to ensure the accuracy and integrity of financial statements in whatever form they are. This responsibility is essential in the public sector, as we are accountable to the general public for our financial stewardship,” Mrs. Williams said.

“Audit committees must maintain an unwavering focus on financial oversight, verifying that all statements are timely, current and accurately represented by ensuring that financial reporting aligns with regulatory standards and reflect true organisational performance. Audit committees uphold the public sector’s commitment to financial integrity, and this diligence fosters trust among stakeholders and strengthens the credibility of public institutions,” she added.

Financial Secretary, Darlene Morrison, highlighted the evolving role of audit committees amidst the increasing demands and complexities of the modern business environment.

“The demands on audit committees have increased and continue to expand. That expansion is marked by complexities in technology, increased regulatory requirements and mandatory compliance, data privacy and security and digital transformation of government processes and services.

“There is no doubt that the audit committees’ rules have evolved, therefore, each audit committee member must remain motivated and committed and must have a compelling sense of responsibility and integrity,” she noted.

In 2023, members of the House of Representatives approved the Financial Administration and Audit (Amendment) Act, 2023, which repealed Section 48C (1c) of the legislation.

It forms part of the fiscal responsibility framework that was first enacted through amendments to the FAA Act in 2010, and thereafter.

The objective is to create binding rules aimed at enhancing fiscal discipline and ensuring improvements in public financial management.