Recent assignments in Internal and external control and audit in the public and private sectors

• Sierra Leone - support to Audit Services: Three-year DFID-funded project designing and implementing a comprehensive TA Programme to the Supreme Audit Institution. The project includes a legislative review, institutional development and capacity-building, the development of policies and procedures, HR development through formal training and on-the-job skills transfer through INTOSAI-compliant Joint Audits, awareness-raising for the legislature (PAC) and civil society groups, and the development of external training institutions.
• The Gambia - Financial Governance Programme: Three-year DFID-funded technical assistance and capacity building project to increase the efficiency, effectiveness and responsiveness of key Gambian public financial management institutions, particularly the Department of State for Finance and Economic Affairs (including the Treasury Directorate) and the National Audit Office. In addition, the project is also providing support to cross-cutting generic training within public sector finance for the Government of The Gambia as a whole.
• Kyrgyzstan – public sector internal and external audit: Responsible for the external and internal audit components of a multi-component, DFID-funded programme of TA support to the Ministry of Finance. For the Chamber of Accounts (the Kyrgyz SAI), developed Code of Ethics, Code of Conduct and detailed Audit Manual with associated procedures. For MinFin Internal Audit Department, introduced the modern concepts of internal audit and internal financial controls and assisted in roll-out of internal audit procedures and practices to key spending ministries.
• Botswana, Ghana and Caribbean - organisational and financial audits of donor unit, regional offices, and beneficiary companies and associations: As part of an EC Multiple Framework contract, carried out organisational and financial audits of the Programme Management Unit in Brussels, regional offices of the programme, and 34 beneficiary companies and associations from the region.
• Afghanistan - Technical Assistance to the Control and Audit Office: Three-year World Bank-funded project to provide comprehensive technical assistance to the Control and Audit Office (CAO) of Afghanistan. The focus of assistance was on institutional strengthening of the CAO; organisational and human resource development; technical training and capacity building; management of audits; review and development of government legislation covering the statutory responsibilities of the CAO; development of a Public Audit Manual; and review of the internal audit function in the Ministry of Finance and line ministries.
• Liberia - Standards Review of audit of the Central Bank: The International Monetary Fund requested a review of the audit files for the Central Bank of Liberia after concerns over a new offsetting policy adopted by the Bank in 2003. The review resulted in a report to the Central Bank and IMF regarding an assessment of the policy, as well as overall compliance of the financial statements with International Accounting Standards, the audit files with International Standards on Auditing and recommendations for future audits.
• Afghanistan - audit of UNDP NEX Projects for Financial Years 2001-2003: Audit management assistance to the Control and Audit Office in Afghanistan for the audit of the UNDP portfolio of Nationally Executed (NEX) projects.
• Russian Federation – PEM and Internal Control: Support to the Russian Federal Ministry of Finance and internal and external control institutions (Treasury and Chamber of Accounts) in the introduction of an internal control and audit system in the public sector, providing an analysis of European experience and a collection of ‘best practices’ in implementing an internal control and audit system. These best practices were modified to reflect the Russian budgetary environment and a concept developed whereby systems of internal control and audit are linked with other budget and treasury reform strands.
• Armenia – forensic audit of DFID programme: Appointed by DFID to conduct a two-stage independent audit to ensure that DFID £ 2 mill. of funds disbursed for the Armenia Regional Development Programme (ARDEP) to date have been applied in accordance with the conditions as set out in the MoU. This Resource Transfer grant provides non-Budget support financial aid to the Government of the Republic of Armenia in support of the implementation of the Regional Development Plans (RDPs) in Gegharkunik and Tavush Marzes.
• Sierra Leone - audit of the Central Bank of Sierra Leone: Full Financial Audit in accordance with ISA of the financial statements of Bank of Sierra Leone for the year ended 31 December 2003. The assignment included: risk assessment report to drive the risk-based audit; evaluation of internal financial controls and recommendations for strengthening controls; examination of conflicts between IAS and Sierra Leonean Banking legislation; detailed computation of fair values and amortised cost of the Bank’s financial instruments; IMF Quota Subscription and financing; physical inspection of Bank properties and gold reserves; restatement of financial statements to comply with IAS; reporting on the Bank’s progress in implementing the recommendations of the latest International Monetary Fund Safeguard Assessment; and adoption of additional IMF ‘best practice’ disclosures to increase transparency of the financial statements.
• Russia Federation – development of auditing standards: Two-year project to provide assistance to the Russian Ministry of Finance in the development of auditing standards and professional associations. The assignment involved a review of existing standards, an evaluation of these against international norms and the development of a recommended code of good practice for the Russian Federation. The project also included an extensive programme of workshops, seminars and European study tours, the publication of regular reports on auditing in Russia, the development of a website focussed on the audit profession and a hotline providing a rapid response to auditors' queries.
• Bulgaria – forensic audit: Post-acquisition forensic audit and due diligence project undertaken for the EBRD to evaluate its existing investment in a pharmaceuticals wholesaler, which is headquartered in Sofia and has eight trading branches throughout Bulgaria.
• China – accounting reform and development: Two World Bank-funded technical assistance programmes of one-year duration each to assist the Chinese National Accounting Institute in the design and development of curricula, training materials, examinations and training of tutors. The programmes covered risk-based audit of financial statements; investment analysis; and project management.
• Russia Federation – value-for-money review and audit: Value-for-money review and financial audit (applying International Accounting Standards) of the first six months' operations of a World Bank programme disbursing US $300 mill to the Government of the Russian Federation for the rehabilitation and maintenance of selected Federal roads. The assignment included: ensuring procurement and disbursements were undertaken in accordance with established World Bank procedures; and ensuring project financial statements were presented in accordance with relevant International Accounting Standards.
• Russia Federation – project audit: Audit of both aspects of the World Bank's US $60 mil Employment Services and Social Protection Project for the Russian Federation. This included recommendations for operational and financial systems improvements and preparation of financial statements in accordance with Generally Accepted Accountancy Principles (GAAP).
• Russia Federation – restatement of accounts and ISA audit. Assistance to Vodocanal Saint-Petersburg (Municipal Water and Sewerage Authority) in the restatement of Russian-format financial statements in GAAP standard for presentation to EBRD in support of loan monitoring by the bank, and ISA audit of financial statements for the years 1998 to date.
• Sierra Leone – audit and value for money review. Financial systems audit, European Commission (EC) imprest replenishment request approval and value-for-money review of five agricultural projects in Sierra Leone financed by European Development Fund resources. These services were provided by a full-time audit team over five years.
• Kyrgyzstan – forensic audit: post-acquisition forensic audit undertaken for the EBRD of two companies, one a luxury leisure complex, the other a chain of upmarket dental clinics.
• Russia – IAS audit: joint audit of the former State Diamond Mines producing financial statements under IAS for to raise finance in international markets.
• Mexico – procurement audit: Procurement audit of two World Bank-funded programmes, US$ 412 mill. Second Primary Education Project, and US$ 350 mill. Second Water Supply and Sanitation Project.
• Russia – IFRS/ISA compliance: Assistance in transition from Russian-format accounts to IFRS-compliant financial statements and audit in accordance with ISA for a number of commercial enterprises.
• Russia – IAS audit: Value-for-money review and financial audit (applying IAS) of the first six month’s operations of a World Bank Programme disbursing US $300 mill. for the rehabilitation and maintenance of selected Federal roads.
• Russia – IAS audit: Audit, procurement and financial systems review for the World Bank-funded three year US$ 115 mill Land Reform Implementation Support Project.
• Sierra Leone – donor-funded programme formulation: Preparation of EC/EDF TA Programme for the Auditor-General's Department and review of budget preparation and monitoring systems adopted by two key ministries.
• Ghana – ISA minerals audit: Joint audit of Ashanti Goldfields Company, and assistance in presentation of financial statements to meet listing requirements of Ghanaian, UK, US, Canadian and Australian Stock Exchanges.
• Russia – ISA bank audit: Joint signatory to the audits of two banks and reporting to the World Bank-funded Banking Review Unit (BRU) monitoring the distribution of capital to selected Russian banks.

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