Audit & Assurance
The Urban Development Corporation derives its authority to audit Local Authorities from the Urban Development Corporation Act [Chapter 29:16]. The Audit Office Act [Chapter 22:18] and Finance Management Act [Chapter 22:19] empowers the Auditor General to appoint external auditors for all public entities. The Auditor General is responsible for the audit and report on financial statements and is required to report and express an opinion on the annual financial statements.
It is from this mandate that the Auditor General appoints UDCORP to perform the statutory audits. In this regard, the Audit department offers professional services in the audit of financial statements to councils and other organisations. The responsibility is to give an opinion whether financial statements are fairly presented in accordance with International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS). The audit is also designed to identify significant weaknesses in the council/organisation’s system of internal controls and produce a report to the governing body. The auditor also assesses the council’s economy, effectiveness and efficiency in provision for services (value for money).
Our approach is risk based and is designed to deal with any audit, small or large, simple or complex to ensure that all audits are carried out to a consistently high standard at a realistic cost. The approach entails an analysis of audit risk leading to a focus on audit effort.
We shall add value by:
- Providing effective and proactive thinking on key industry and technical issues.
- Enhancing the efficiency of the audit and focus on key business risks and financial reporting.
- Ensuring significant issues are investigated and communicated at relevant levels.
- Early warning of potential risks.
- Working closely with the finance team to improve the efficiency and timing of the audit.
- Producing a value adding management report.