AUDIT COMMISSION Meaning and
Definition
-
The Audit Commission is an independent governmental body primarily established to promote the efficient and effective use of public resources in a transparent and accountable manner. It is responsible for conducting audits and assessments of various public organizations, such as local government bodies, health authorities, and other publicly funded entities. The main objective of the Audit Commission is to ensure that these organizations are operating in a way that maximizes value for money and demonstrates good governance.
The commission's key functions include evaluating and reporting on the financial performance, governance, and risk management of the audited entities. It examines areas such as budgeting practices, financial controls, procurement processes, and the overall management of resources. Additionally, the commission may also assess specific programs, services, or areas of concern as per the request or requirement of the government or relevant stakeholders.
Through its audits and inspections, the Audit Commission provides assurance to the public and government bodies that public funds are being used efficiently and effectively, thus enhancing public trust and confidence. It plays a crucial role in promoting financial accountability, transparency, and integrity within the public sector.
The commission's reports and recommendations serve as valuable insights for the audited entities, enabling them to identify areas for improvement and implement necessary actions. It also acts as a catalyst for policy changes and wider public sector reforms to enhance the overall delivery of public services.
Etymology of AUDIT COMMISSION
The word "Audit Commission" consists of two words: "audit" and "commission".
1. "Audit": The term "audit" originated from the Latin verb "audire", meaning "to hear". In medieval times, auditors were individuals appointed by the King or a higher authority to listen to accounts and verify financial statements. Over time, the term evolved to refer to the examination and verification of financial records and statements for accuracy.
2. "Commission": The word "commission" stems from the Latin noun "commissio", derived from the verb "committere", meaning "to entrust" or "to send". In the context of government or organizations, a commission is a group of individuals appointed or entrusted with a specific task or responsibility.
In the case of the "Audit Commission", the term likely emerged as a combination of these two words to signify the authority or group responsible for overseeing and conducting financial auditing activities.
