Internal Audits for Government & Broader Public Sector
Internal audits improve the efficiency, effectiveness, economy and accountability of public sector programs. Qualified audit professionals work cooperatively with public sector management and staff to:
- Increase efficiency and revenue while reducing operating costs
- Comply with government mandates, policies and regulations
- Assure internal controls are working effectively
- Better identify and respond to organizational risks and opportunities
- Increase staff skills through training
- Improve accountability
The Ministry of Finance's Internal Audit & Advisory Services (IAAS) is the only internal audit department that provides a wide range of internal audit and consulting services to the B.C. government and the broader public sector. IAAS provides independent and objective assurance and advice to support effective financial management, governance, accountability and performance management practices in government. IAAS reports to a Deputy Minister Audit Committee, which provides oversight of the internal audit function for the benefit of government and Treasury Board.
Some B.C. government ministries have their own internal audit departments. These departments focus on compliance with specific legislation and Ministry policies and procedures. Most Crown corporations also have their own internal audit departments. The range of services varies and is only provided to their own organization.
Types of Audits
Internal audits conducted within the B.C. government include:
- Performance audits of ministry, agency and Crown corporation programs and functions to help improve efficiency and ensure governance, management and control systems are operating effectively
- Financial management audits that evaluate controls over revenues and expenditures
- Information technology reviews to address business, privacy and security risks and strengthen the government's overall information management process
- Compliance audits which examine adherence to contractual, regulatory and legislative requirements governing ministries, agencies and Crown corporations
This risk assessment methodology (PDF) is used by Internal Audit & Advisory Services to assess risk throughout organizations in the B.C. public sector. The five risk assessment criteria allow for the comprehensive assessment of the risks and potential benefits associated with government programs and functional areas.