DOLLARS CAN SPEAK LOUDER THAN WORDS: REPORTING ON THE FINANCIAL IMPACT OF PERFORMANCE AUDITS
by Ina Chan, Assistant Auditor General, and Niroshani Movchovitch, Senior Audit Manager, Auditor General’s Office, City of Toronto
The Toronto Auditor General’s Office issues an annual report that explains both the financial and non-financial benefits of its work. Although many, if not all, audit offices report on the non-financial benefits arising from recommendations in their performance audits, the focus of this article is on communicating financial impacts. Ina Chan and Niroshani Movchovitch explain how their office quantifies savings in the annual report to demonstrate the value of their work in dollar terms.
While it may seem like a daunting task to report the financial and non-financial impacts of performance audits, the authors argue that many audit offices already have processes in place to gather the kind of information needed to prepare such reports.Read the Article