Auditors Urged To Carry Out Duties Effectively

Photo: Melroy Sterling Chief Economist, Ministry of Finance and Planning, Everton McFarlane addressing the Audit Committee Conference staged by the Government’s Audit Commission in collaboration with the Ministry at the Jamaica Conference Centre, downtown Kingston, on October 29.

Story Highlights

  • Chief Economist, Ministry of Finance and Planning, Everton McFarlane, is encouraging public sector auditors to continue to carry out their duties efficiently and effectively despite the challenges they may encounter.
  • More than 30 audit professionals participated in the annual conference held under the theme: ‘Enhancing the Audit Committee Function: Rising to the Challenges’.
  • The main objective was to highlight important developments and emerging trends in public financial management that will provide audit committee members with insight to help improve their oversight effectiveness.

Chief Economist, Ministry of Finance and Planning, Everton McFarlane, is encouraging public sector auditors to continue to carry out their duties efficiently and effectively despite the challenges they may encounter.

These include: adapting to technological advancements; managing exposure to strategic and operational risks; and addressing evolution of organisations, risk profiles and compliance.

“Auditors have to be aware of these changes from a very strategic point of view in order to have the audit function add value to the work of the organisation,” he said.

Mr. McFarlane was speaking to JIS News at the Audit Committee Conference staged by the Government’s Audit Commission in collaboration with the Ministry  at the Jamaica Conference Centre, downtown Kingston, today (October 29).

He said persons within the field are aware of these challenges and have sought to address them by undertaking professional development courses; sharing best practices; and implementing tools that will better enable them to carry out their functions.

Outlining the basic role of audit committees, Mr. McFarlane said they support boards of management in ensuring that the standards, processes and agreed procedures are being complied with in departments such as accounting, human resource, risk management and inventory control, among others.

“The audit committee also helps to ensure that management responds to areas of weaknesses, gaps and non-compliance (that have been) identified,” he added.

He said the conference provides an opportunity for auditors to “take stock” and is part of the process of ongoing training of audit professionals.  “It offers knowledge…and practical insight into issues that affect the professional conduct of auditors,” he added.

Mr. McFarlane said the Ministry’s involvement in the function is significant as it has a crucial role to play in terms of setting standards for corporate governance within public sector institutions.

More than 30 audit professionals participated in the annual conference held under the theme: ‘Enhancing the Audit Committee Function: Rising to the Challenges’.

The main objective was to highlight important developments and emerging trends in public financial management that will provide audit committee members with insight to help improve their oversight effectiveness.

Presenters included: Chief Executive Officer (CEO) and President, Jamaica Public Service Company, Kelly Tomblin; Manager at Symptai Consulting Limited, Alicia Perez; and Chief Executive Officer, Dispute Resolution Foundation, Paul Hines.

 

 

 

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