Audit Office of the Republic of Cyprus completes Special Report on the Management of Public Debt

Audit Office of the Republic of Cyprus completes Special Report on the Management of Public Debt

SAI Cyprus releases the results of its audit on their country’s Public Debt Management Office’s (PDMO) compliance to the relevant legislation and effectiveness of public debt management. 

In the conduct of said audit, SAI Cyprus utilized among its audit criteria the GUID 5250 – Guidance on the Audit of Public Debt and the INTOSAI Global Public Good – Audit of Public Debt Management: A Handbook for Supreme Audit Institutions.

The Audit Office performed both compliance and performance audit on the PDMO’s activities in May until December 2021, guided by audit questions ranging from the timely and correct preparation of report to reliability of software used. Notable findings include the amendment of seemingly contradictory provisions on relevant laws as regards risk assessment stemming from guarantees provided by the state to third parties, the establishment of procedures in evaluating appropriate financial instruments, and a study on staffing of PDMO to ensure quality work.

SAI Cyprus had published the English translation of the report, now accessible at:

http://www.audit.gov.cy/audit/audit.nsf/FF0BFF673DFB0C56C225880F00448D51/$file/Audit%20of%20Cyprus%20Public%20Debt%20Management%202022.pdf