Guyana’s burgeoning oil and gas industry is prompting a call for more robust auditing systems to ensure continued compliance with internal regulations. This was articulated by Dr. Ashni Singh, the Senior Minister in the Office of the President with Responsibility for Finance and Public Service, during a training seminar hosted by the Institute of Internal Auditors (IIA) Guyana Chapter Inc. at the Regency Suites Hotel in Georgetown on Thursday.
Dr. Singh underscored the importance of these systems in maintaining adherence to relevant laws and policies. He highlighted the government’s efforts to strengthen existing internal audit frameworks for more comprehensive coverage across all ministries.
Internal audits serve as independent review processes that scrutinise an organisation’s operations and financial records, among other aspects. These audits aim to identify areas for improvement and provide recommendations. While the Ministry of Finance currently operates an effective internal audit system, Dr. Singh noted inconsistencies across other ministries.
“Some ministries have an internal audit department, some don’t,” Dr. Singh said. “We are considering how to better deploy the internal audit capabilities of the Ministry of Finance across the entire government to identify critical areas that should be covered by the internal audit function.”
He explained that an enhanced internal audit system would strengthen oversight and accountability, aligning with the government’s goal of ensuring responsible management of public resources and maximising the value of Guyana’s expanding economy.
“It is our intention to further roll out the internal audit function across the whole government to ensure comprehensive coverage and to maximise the value added by internal audits,” Dr. Singh stated.
Dr. Singh also emphasised the role of information and communications technology (ICT) in managing government resources effectively. He referred to the comprehensive Integrated Financial Management and Accounting system deployed years ago at the Ministry of Finance, noting its continued effectiveness.
The drive to enhance internal audit systems comes as Guyana’s oil and gas sector continues to grow, necessitating robust oversight mechanisms to ensure compliance and effective resource management.
