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11th Annual Audit Conference

22 July 2008: The 11th Annual Audit Conference on the theme “RAA’s Role in Promoting Good Governance” will be convened from 23rd to 25th July 2008 at the auditorium of the Royal Institute of Management, Semtokha. The three days conference shall cover numerous topics including “A report on the Audit of Mining Operations in Bhutan”, “Audit Criteria”, “Working Papers”, “Audit Planning, Reporting and Field Standards” “Outline of the 12 Audit Manuals”.

The RAA’s Documentary film will be released and premiered on the first day during the opening ceremony. The Conference will also have a session with the GNH Commission on the second day where Result based management, Block management and the 10th Five-Year-Plan will be discussed. The third day of the conference will have an open forum where all participants can share and discuss field problems, new and improved audit methodologies and other related topics. The theme for the 12th Annual Audit Conference will be adopted on the last day.

More than 150 participants will be participating including auditors from the four Regional Offices. During the three days the RAA office will remain closed.
 

Released Annual Audit Report 2007

23 June 2008: In accordance with the Constitution and the Audit Act of Bhutan 2006, the Royal Audit Authority (RAA) released its Annual Audit Report (AAR) 2007 on 23rd June 2008. The AAR is a summary of unresolved significant issues of the audit reports issued during a particular year. During the year 2007, the RAA had issued 500 audit reports comprising of 375 normal audit reports, 97 certification reports, 5 performance audit reports, 19 statutory audit reports and 4 special audit reports.

The AAR 2007 reported significant unresolved irregularities of Nu.199.080 million. The irregularities in the budgetary agencies consisting of  Ministries & Departments, Dzongkhags, Gewogs and Autonomous Bodies aggregated to Nu.144.900 million followed by Nu.54.180 million pertaining to the Corporations, Financial Institutions and Non-Government Organisations (NGOs). The figure in the budgetary agencies as compared to the year 2006 had increased by Nu.38.968 million while the figure for the Corporations, Financial Institutions and NGOs decreased by Nu. 26.663 million representing an increase of 36.78% and decline of 32.98% respectively.  The increase in the irregularities in the budgetary agencies could be mainly attributed to the risk based focussed auditing approach adopted in the year 2007.

The nature of irregularities reported included cases and indicators of fraud, corruption and embezzlement involving Nu.43.555 million, mismanagement of funds, properties and taxes involving Nu.23.173 million, violation of budgetary, accounting and procurement norms involving Nu.14.738 million and other shortfalls, lapses and deficiencies involving Nu. 117.614 million. Under shortfalls, lapses and deficiencies, a sum of Nu.62.906 million alone was reported under the irregularities in advances and loans.

The AAR 2007 besides these irregularities also highlighted the performance of the RAA during the year. The RAA also included a chapter on the impacts of audits over the years and another chapter containing classified recommendations based on the nature of irregularities observed during the year. The gist of the 4 performance audit reports out of 5 reports issued during the year is also included in the AAR under a separate chapter.

The RAA extends its gratitude to all the officers in the Ministries, Departments and Agencies for providing timely response to the draft AAR 2007 and for extending the required support and cooperation to the auditors while in the field. With these unwavering supports, the Royal Audit Authority will continue to strive for excellence as an instrument of oversight of the Royal Government in safeguarding the integrity and enhancing good governance and in realisation of the national aspiration of the Gross National Happiness. We pledge our assurances to continue to serve His Majesty The Druk Gyalpo, Country and People to the best of our abilities and without fear, favour or prejudice.
 

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