The Public Finance Management Bill and the Audit Office Bill were approved by Parliament this week and now await Presidential assent to make them effective into Law.

The Public Finance Management Bill seeks to repeal the Audit and Exchequer Act [Chapter 22:03] and the State Loans and Guarantees Act [Chapter 22:13.

This will improve accountability over the use of public resources, provide the regulatory framework for the management of public finances and promotion of good governance as well as strengthen the current accounting system, that way strengthening the accounting function in Government.

The Audit Office Bill will deal with and strengthen the provisions of the Audit and Exchequer Act [Chapter 22:03] on audits by the Comptroller and Auditor General.

It will also enable separation of the Auditor General's management function from the audit and oversight role.

In this regard, there will be improved accountability in the audit process, thereby eliminating the operational limitations inherent in the existing Audit & Exchequer Act by providing for an independent Audit Office Commission chaired by the Comptroller and Auditor General.