Strengthening economic governance in Africa Lessons on audit from Brazil, Russia, India, China and South Africa

Abstract

Audit is usually carried out under the public financial management component of corporate and economic governance to ensure that budget execution complies with the law. External audit undertaken by supreme audit institutions ensures that public funds are well spent, finances are accounted for and public institutions are strong enough to deliver on their mandates efficiently. In Africa, Rwanda’s performance stands out in terms of public sector and public financial management. Comparative analysis of India and Rwanda shows that the two countries’ performance is on a par in terms of outcomes of the public financial management roles performed by supreme audit institutions. Rwanda performs better when it comes to the quality of budgetary and financial management, as well as in public administration. Therefore, an in-depth analysis of the specific social, political and economic contexts of the two countries should help to explain the differences in the state of audit in either country. For lessons on ways to improve and strengthen supreme audit institutions, African countries could first look within the continent at countries influenced by social, economic and political contexts that are similar to their own and that share their policy priorities, before consulting the BRICS countries.