Reference no: EM132743666

Question: 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 Price Waterhouse Coopers (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 Jamaica's 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.

Provide 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.