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Ministries to get audit cells

  • Published at 06:48 pm November 5th, 2013
Ministries to get audit cells

As per recommendation of the World Bank, the government is going to form internal audit cells for different ministries.

Official sources said the process to form a cell pilot basis is in final stage and it is set to launch in next month.

The cells will work under finance ministry to assist it in properly monitoring of the medium term budgetary framework (MTBF) and the analysis of its progress.

“The formation of the cell is in final stage,” said a finance division official.

He said the cell is being formed as recommended by the World Bank’s implementation support mission.

The mission looks after and evaluate progress of MTBF after every six months.

To finalise related issues and prepare an internal audit manual to launch an internal audit cell on pilot basis, the finance ministry held a meeting on Monday.

It is not yet decided which ministry will get internal audit cell on pilot basis.

The internal audit cells will also measure the effectiveness of implementation of the MTBF through the budget management act, said meeting sources.

Officials said the finance ministry is required by law to introduce internal audit cell within a ministry.

 Under provision 19(a) of the Public Money and Budget Management Act 2009, the government shall ensure a transparent and efficient management of audit through an internal cell within the ministry.

In 2008, a macro-fiscal wing started operation under the finance ministry to assist the ministry in forecasting the country’s macro-economic situation and its analysis.

The wing was launched in consultation with the International Monetary Fund (IMF). IMF advises the wing in its operation. As per a deal with the government, IMF has involved an expert with the macro-fiscal wing.

The IMF expert visit Bangladesh to advise and provide technical assistance to the wing’s local experts from time to time.

In the absence of macro-fiscal wing, the finance ministry would largely rely on the central bank to assess the country’s macroeconomic situation.

The government has two units to work on the country’s macro economy.