Government of the Republic of Trinidad and Tobago

MINISTRY OF FINANCE

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Government of the Republic of Trinidad and Tobago

MINISTRY OF FINANCE

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Central Audit Committee

Background

Under the provisions of Section 4 of the Exchequer and Audit Act and the Minister of Finance (Incorporation) Act, the Minister of Finance is responsible for supervising, controlling and directing all matters relating to the financial affairs of the State.

Cabinet, by Minute No. 1266 dated September 12, 2001, agreed to the establishment, within the Ministry of Finance, the Central Audit Committee, to assist the Ministry of Finance in its oversight and monitoring functions for State Agencies by conducting reviews, investigations, enforcing compliance of internal controls, evaluation, risk assessment and value for money audit. This decision was in keeping with Government’s strategy to improve the management of public funds by State Agencies.

The Central Audit Committee is required to assist the Ministry of Finance in its oversight and monitoring functions for State Agencies including but not limited to Ministries, Departments, Municipal Corporations and Regional Health Authorities by conducting reviews, investigations, ensuring compliance of internal controls, evaluation, risk assessment and value for money audits.

Mission Statement

To promote accountability, transparency and good governance through high quality auditing and provide independent assurance to our stakeholders that public funds were used efficiently and for the intended purposes.

Vision Statement

To strive to be the preferred government audit assurance provider in positively influencing public sector performance through impactful audit work and reports.

Roles and Functions

The Central Audit Committee is responsible for the monitoring of thirty-seven (37) wholly-owned, six (6) majority-owned and four (4) less than 50% owned State Enterprises, as well as eight (8) Statutory Boards.

The key functions of the Central Audit Committee are as follows:

  • Review of systems, procedures and internal controls;
  • The provision of auditing guidelines and procedures of State Agencies;
  • Evaluation of internal control processes and procedures to ensure compliance by State Agencies with applicable laws, instructions and regulations;
  • To conduct special investigations as requested by the Permanent Secretary or the Minister of Finance;
  • To sit on Audit Committees of the State Enterprises to observed, advise and report on major issues to Minister of Finance;
  • To review of internal auditors reports from State Enterprises;
  • To prepare Cabinet Notes, as required, based on finalized Audit Reports; and
  • The review of the procurement and awards of contract.