Public Sector Audits vs. Private Sector Audits

The government of Jamaica is interested in setting up a new Internal Audit Department at the Ministry of Labour, because the previous department was not effective in preventing and detecting frauds. Consultants from the accounting firm PriceWaterhouseCoopers (PWC) approached the government and tried to convince it that it would be more beneficial and effective if PWC was contracted to perform the internal audit functions of the Ministry instead of wasting money to set up a new internal audit department and faced the risk of failure like the previous department.

Because of your many years of experience in the fields of audit, compliance and risk assessments, you were asked by the Jamaicas government to perform in-depth analysis of the Internal Audit and External Audit in the public sector against the parameters of Internal and External Audit in the Private Sector, then report on your findings directly to the Prime Minister.

Your analysis and subsequent report should focus on the following areas:

- Focus Areas Marks Allocated Percent Functions of internal and external audits in public sector and private sector.

-Advantages/disadvantages of internal and external audit of the public sector

-Final recommendation to the Prime Minister

Write a report in the format of a memorandum addressed to the Prime Minister of your findings and recommendations using the Financial Administration and Audit Act of Jamaica, the Financial Administration and Audit Instructions of Jamaica, and the International Audit Standards located at https ://www .iaasb.org/