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Audit and Oversight in Managing Public Money

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Audit and Oversight in Managing Public Money

This topic covers strategic, ethical, and management concepts relating to the oversight of public funds.  These may include the key considerations, varying capacities and risks associated with various instrument choices in oversight of public funds; instruction also covers some practical considerations in understanding the oversight and audit process, including responding to audits, compliance issues, and interpreting and analyzing audit and oversight reports.

Topic Learning Outcome: Upon mastering this topic, students will understand the key institutions and rules that are designed to ensure the appropriate use of public funds, and they will be able to describe the concepts listed below.

Core concepts Associated With This Topic: Internal Audit, Audit Program, Audit Team, Risk-Based Auditing, Organizational Culture, Risk Identification, Risk Mitigation, Risk Strategy, Compliance, Internal Audit, Public Sector Management

Recommended Reading

Queens MPA827

Graham, Andrew.  Canadian Public Sector Financial Management. Kingston: McGill-Queen’s University Press, 2014 (2nd Edition) or 2007 (1st Edition). Ch. 10.

Sample Assessment Questions:

1.     What are some of the most important instruments available to governments in their efforts to oversee the use of public funds?

2.     What is an audit? Why are audits an important part of the public policy process?

3.     What is the difference between a performance audit and a compliance audit? What is the role of performance audits in the policy process?


Page Created By: Katherine Valiquette, 20 March 2015 edited by Ben Eisen.


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© University of Toronto 2008
School of Public Policy and Governance