The Ministry of Finance has responded to the Auditor-General’s Report for FY2024/25, which issued an unmodified audit opinion on the Government Financial Statements, confirming that public funds are properly accounted for. The Ministry emphasised the importance of the Auditor-General’s Office (AGO) audits in maintaining public trust and accountability, and committed to addressing any identified lapses.
The report identified three key areas requiring attention: contract management and procurement, revenue management, and irregularities in records. In response, the Government plans to enhance procurement practices by sharing lessons across agencies and updating training programmes to improve officers’ capabilities. Agencies will also tighten revenue management processes and address any irregularities, with potential police involvement if necessary.
Additionally, the report suggested improvements in IT controls and data analytics. The Government has already enhanced its IT audit approach and is focusing on privileged account management. Efforts are underway to encourage better use of data analytics for verification checks in government schemes.
A thematic audit on Research, Innovation and Enterprise (RIE) 2025 grants managed by A*STAR and the National Research Foundation highlighted good practices but also areas for improvement, such as policy deviation approvals and conflict of interest management. The agencies involved have acknowledged these findings and are implementing new measures.
The Ministry of Finance reiterated its commitment to upholding high standards of governance and accountability, ensuring continuous improvement in managing public resources to better serve Singapore and its citizens.
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