ADVOKS GLOBAL · KENYA
Public Finance Management Act
73. National government entity to maintain internal auditing arrangements
Edition: 2026-09-25 · In force
73. National government entity to maintain internal auditing arrangements
(1)Every national government entity shall ensure that it complies with this Act and—(a)has appropriate arrangements in place for conducting internal audit according to the guidelines of the Accounting Standards Board; and(b)where any regulations are in force under subsection (2), those regulations are complied with.(2)Regulations may prescribe requirements to be complied with in conducting internal audits.(3)The Internal Auditor-General Department of the National Treasury shall ensure that its arrangements for conducting internal auditing include—(a)reviewing the governance mechanisms of the entity and mechanisms for transparency and accountability with regard to the finances and assets of the entity;(b)conducting risk-based, value-for-money and systems audits aimed at strengthening internal control mechanisms that could have an impact on achievement of the strategic objectives of the entity;(c)verifying the existence of assets administered by the entity and ensuring that there are proper safeguards for their protection;(d)providing assurance that appropriate institutional policies and procedures and good business practices are followed by the entity; and(e)evaluating the adequacy and reliability of information available to management for making decisions with regard to the entity and its operations.(4)A national government entity shall ensure that internal audits in respect of the entity are conducted in accordance with international best practices.(5)Every national government public entity shall establish an audit committee whose composition and functions shall be as prescribed by the regulations.