Financial Audits

A financial audit focuses on determining whether an entity’s financial information is presented in accordance with the applicable financial reporting and regulatory framework. This is accomplished by obtaining sufficient and appropriate audit evidence to enable the auditor to express an opinion as to whether the financial information is free from material misstatement due to fraud or error. (ISSAI Standards)

Compliance Audits

A compliance audit focuses on whether a particular subject matter is in compliance with authorities identified criteria. Compliance auditing is performed by assessing whether activities, financial transactions, and information are, in all material respects, in compliance with the authorities which govern the audited entity. These authorities may include rules, laws and regulations, budgetary resolutions, policy, established codes, agreed terms or the general principles governing sound public sector financial management and the conduct of public officials. (ISSAI Standards)

Performance Audit

A performance audit focuses on whether interventions, programmes and institutions are performing in accordance with the principles of economy, efficiency and effectiveness and whether there is room for improvement. Performance is examined against suitable criteria, and the causes of deviations from those criteria or other problems are analysed. The aim is to answer key audit questions and to provide recommendations for improvement. (ISSAI Standards)

Forensic Audits

A forensic audit entails the thorough investigation and assessment of an
organization's financial data, with the purpose of gathering evidence that can be
presented in a court of law. A forensic audit may be undertaken with the purpose
of initiating legal proceedings against individuals involved in fraudulent activities,
embezzlement, or other unlawful acts. The utilisation of this tool aids in the
identification of instances involving the misappropriation of funds, intentional
failure to meet financial obligations, and the manipulation of financial records for
deceptive purposes. In addition to the involvement of a proficient individual well-
versed in the legal framework pertaining to the audit in question, this particular
form of audit necessitates the implementation of accounting and audit
methodologies.

It is in everyone's interest for your audit to be conducted accurately and efficiently. To ensure this, the Audit Act specifies that your organization does the following:

• Have complete and accurate financial statements prepared;

• Complies with all applicable laws and regulations;

• Complies with any other contractual obligations it may have;

• Provides the auditor with easy access to documents relating to the audit;

• Provides any information or explanation of information related to the audit that may be requested; and

• Provides suitable and secure office space for the auditors to work in.

• Upon the conclusion of an audit, the Auditor General will present you with a draft report that will include findings and recommendations. You are required to submit a written response to this draft report within 30 days of its receipt.

• Every year, the Auditor General produces a report that contains the results of audits conducted on government entities.

• This report is presented to the Speaker of the National Assembly who then lays it before the National Assembly. 

• The report is then examined by the Public Accounts Committee who then presents a report on their findings to the National Assembly.

• A Treasury Memorandum is then issued by the Government of Guyana, highlighting actions taken in relation to the Public Accounts Committee findings.

Under the Audit Act, a person commits an offense if he or she:

• Intentionally prevents the Auditor General or an authorized officer in the discharge of official duties.

• Does not comply with any lawful requirement of the Auditor General.

• Provides misleading information to the Auditor General or an officer authorized by him.

• Misrepresents his or her level of authority
  If convicted of an offence, a person is liable on summary conviction to a fine not to exceed two hundred thousand Guyana dollars (G$200,000) and to imprisonment to a term not to exceed five (5) years.

Also, an entity or body of persons is liable, on summary conviction, to a fine not to exceed one million Guyana dollars (G$1,000,000).