The acquisition of a new automated audit management system will improve the auditing processes carried out at the Ministry of Finance.
Today the Ministry of Finance permanent secretary, Mr Filimone Waqabaca signed a grant agreement with the New Zealand High Commissioner to Fiji, His Excellency Mark Ramsden. Under the agreement, New Zealand will fund the purchasing, set-up and maintenance of the audit management software called ‘Team Mate’ which is designed to increase the efficiency and effectiveness of internal audits undertaken by the Ministry of Finance.
At the signing, Mr Waqabaca said the new computer-based software would streamline the Ministry’s auditing processes and bring it in line with international standards.
“The software is not only beneficial to our Ministry but to the whole country in terms of faster auditing processes. The current system used is partly manual however, the new software will be fully automated and will be a handy tool for internal auditing with greater volume and speed,” Waqabaca said.
He added that through reforms and changes in the auditing processes, the new software would elevate standards of auditing processes to international compliance and address recurring auditing issues.
“There are a few institutions in the country that have acquired the software such as the Office of the Auditor General and we are grateful for the support from the New Zealand Government.”
High Commissioner Ramsden said the grant, approximately $620,000, will be ued for the purchase of specialised audit software, upgrade associated hardware and support the salaries of two new technical staff to help implement the system over the next two years.
“We anticipate the new internal audit system will ultimately contribute to better control of public funds and resources and improve governance and risk management across the whole of Government,” HE Ramsden said.
PS Waqabaca said the Ministry would commence preparatory work from August this year.