Performance auditing in Poland

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The report emphasizes the need for improved performance auditing in the public sector of Poland, highlighting the current focus on compliance auditing and the lack of managerial accountability [9][10] - It outlines the principles of performance auditing, which include economy, efficiency, and effectiveness, and stresses the importance of integrating these principles into the auditing process [11][27] - The guidance aims to enhance the competencies of internal audit functions in Poland, providing a structured approach to performance audits [10][12] Summary by Sections Introduction to Performance Auditing - The report defines performance auditing as an independent assessment of the economy, efficiency, and effectiveness of government policies and programs [24][23] - It highlights the increasing expectations for performance audits to meet higher international standards [27] Planning an Audit Engagement - The planning phase is crucial for gathering relevant information and defining the audit scope, objectives, and methodology [60][61] - A scoring matrix can be used to prioritize audit topics based on criteria such as materiality, auditability, and potential impact [66] Conducting the Audit - The report discusses various approaches to performance audits, including system-oriented, result-oriented, and problem-oriented methods [73] - It emphasizes the importance of stakeholder engagement and the need for a clear understanding of the audit subject [70][72] Development of Findings, Conclusions, and Recommendations - The report outlines the process for developing audit findings and recommendations, stressing the need for clear objectives and criteria [76][78] - It highlights the importance of documenting the audit process and maintaining independence throughout [62][61] Reporting - The reporting phase includes communicating results to stakeholders and ensuring quality control of the audit work [39][41] - The report suggests that performance audits should be flexible and tailored to the specific context of the audit subject [28][29] Follow-up - The report discusses the importance of follow-up audits to assess the impact of previous audits and ensure that recommendations are implemented [21][44]