Background

Public debt has been increasing significantly in most developing countries, including those in Sub-Saharan Africa, raising concerns among policymakers, international financial institutions, and other stakeholders of another looming debt crisis. To this end, the need to put in place robust debt management strategies, enhance transparency and accountability in the use of borrowed resources, and manage public debt effectively cannot be overemphasized.

Specifically, there is a greater call for all processes for public debt management to be audited to ensure value for money while minimizing the associated risks. However, recent Debt Management and Performance Assessments (DeMPAs) conducted by the World Bank and MEFMI have highlighted gaps in the auditing of public debt transactions and processes in some MEFMI member countries.

It was noted that most governments were only undertaking financial audits, with a few conducting performance audits of debt management operations. Concerns have also been raised regarding the level of commitment to address issues raised in the audit reports.

As part of efforts to build capacity and strengthen the oversight role of internal and supreme audit institutions, MEFMI will conduct a regional workshop on Public Debt Audit. It is expected that the knowledge gained will enable participants to undertake more comprehensive financial, compliance, and performance audits of public debt management operations and procedures in the MEFMI region.

Objectives

• To equip audit officials with practical skills required to conduct comprehensive auditing (financial, performance, and compliance) of public debt management transactions and operations.
• To introduce participants to conceptual issues in sovereign debt management, performance standards, and sound practices in auditing public debt.

Course Content

This course covers:

1. Overview of public debt management
2. Sources of finance
3. Legal and Institutional frameworks for public debt management
4. Debt Management Performance Assessment
5. Public Debt Auditing: focusing on key concepts, principles, and guidelines, planning for an audit, selection of audit topics, financial, compliance, and performance audit processes
6. Compilation, analysis, and reporting audit findings and recommendations.

Target Group

This course targets audit staff from Supreme Audit Institutions (the Auditor-Generals’ Offices) as well as Ministries of Finance and Central Bank internal audit departments.