Royal Audit Authority (RAA) prepares to adopt International Auditing Standards

As reported in the kuensel, (Subba, 2016) Royal Audit Authority of Bhutan is in the process to adopt International Auditing Standards. The process is also in line with vision of the having corruption free society in Bhutan with proper utilization and good governance in place. It will enhance the basic norms of auditing report system with professionalism in carrying out the works by the auditors.

It is also reported that RAA is undertaking this steps to overcome the growing complexities and technological advancement in doing the business. It will further help the government in enhancing credibility of auditing works. It is another way to improve on standard auditing report system to have uniform and standards norms for all. The adoption will be a benchmark for the various stakeholders of the RAA to measure the performance of auditors. It is their one of the strategic goals under its Strategic Plan 2015-20. It focuses on development of staff and organization system for sustainable implementation of International Standards for Supreme Audit Institutions (ISSAI) in RAA.

If the current adoption for international standards of auditing goes well, it will further help enhance the overall performance of auditors in the country and ensure the transparency in the use of public funds without involvement of corruptions. The success in the RAA will also be the success for the country and its people building stronger bonding’s and ensure future certainty on use of public resources more efficiently. This will also ensure the trust of the people on those responsible to handle the public funds and resources to the best of the country. Bhutan in need cannot accept the corruption given our limited resources and our dependency on the external grants, aids and loans. The corruption will in fact drag the country into more debt and inefficiency in resources mobilizations with possible withdrawal of external grants and aids to Bhutan.

References:

Subba, M. B. (2016, October 26). RAA Prepares to adopt international auditing standards. Kuensel, P.5. Thimphu, Bhutan.