September 7, 2023
The Office of the Auditor-General in conjunction with the African Organisation of English-speaking Supreme Audit Institutions (AFROSAI-E), organised a Workshop on Extractive Industries Country Risk Assessment.
The workshop will come up with a risk ranking profile to aid auditors in conducting impactful audits.
While opening the Workshop held in Nairobi, the Auditor-General, Nancy Gathungu emphasized on the need for auditors to understand their role in the extractive industries sector. This, she noted, is important if the work of auditors is to contribute to the attainment of the United Nations Sustainable Development Goals (SDGs).
The Office has participated in several extractive industries workshops organised by AFROSAI-E and the Netherlands Court of Audit, as well as by the Kenya Petroleum Technical Assistance Programme (KEPTAP) to ensure the auditors are updated on developments in the sector, for effective audits.
“The extractives sector is dynamic and there have been many changes, necessitating an update of the risk assessment so that auditors can identify audit areas that will add value to Kenyans. This workshop will therefore help the Office identify risk areas that will result to impactful audits in the extractive industry sector”, the Auditor-General said.
The extractive industries comprise non-renewable resources, such as oil, gas and minerals. According to the World Bank, 63 world economies largely depend on the industry but many face challenges such as resource dependency and weak governance.
Representatives from Attorney-General’s Office, Kenya Revenue Authority, Energy and Petroleum Regulatory Authority, Ministry of Petroleum and Transparency International also attended the workshop.