Annual Report 2003

The Icelandic National Audit Office’s main responsibilities are to audit the annual financial statements of the Icelandic Government and to inspect whether ministries, companies and funds use their financial resources in accordance with the Parliament’s instructions in the Government Budget, Supplementary Budgets and by other means. Also, the Office inspects the Government Budget’s implementation, and assists parliamentary committees working on Government financial matters. Furthermore, the Office is authorised to conduct performance audits and environmental audits.rn
In addition to checking the accuracy of financial statements of Government agencies and enterprises, the Office emphasises inspecting whether economy is ensured in operations, whether they are effective and whether they comply with the key objectives specified in law and regulations. Thus, the Office seeks to promote cost-effective and prudent spending of public money, and to ensure the efficiency and effectiveness of public administration.

The Icelandic National Audit Office was exceptionally productive in the year 2003. It certified 370 annual accounts, and produced a total of 274 audit reports and audit letters. Also, 9 performance audits and 17 memoranda were carried out, in addition to 2 special publications.