ADB and World Bank Help Upgrade External Audit
ADB and World Bank have organized the training Audit workshop on the theme: “Strengthening quality of external audits of ADB and World Bank Funded Projects,” at Phnom Penh Hotel on 29 August 2011 aiming at increasing the auditors’ capacity to establish a good reporting statement when finalizing any projects in the standard way. Mr. Putu Kamayana, Country Director of Asia Development Bank, said this is an oppertunity for ADB and World Bank to clarify development missions to improve human capital. The workshop will not focus on the technical contents of auditing standards; but instead, will focus on practical implementation within the context of donor funded development projects… H.E. Long Atichbora, Representatives of National Audition Authority said that through learning from each other, ADB and the World Bank will likely share the views of the audit professionals…He added: ADB and World Bank projects highlight financial management requirements and financial reporting and audit requirements concerned with purposes of fiduciary risk management; hence, ADB and World Bank require that audited financial statements are submitted annually for all investment projects. “The majority of audit fieldwork is being conducted by low level and non-qualified audit staff and these factors taken together are significantly impacting on the value received from the external audit process,” he added. “Reliable financial reporting will help assess whether funds have been used for a specific purpose intended or not,” he remarked.
