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In Ireland, our public sector organisations are audited by the Controller and Auditor General. They do a statutory audit as described above but they also do a value for money audit. This is where they report such information as "the ESB has been paying 200 employees sitting in a power station for the last ten years which has been shut down".
The main purpose of this is for the auditors to report to the shareholders that the accounts prepared by the directors show a "true and fair" view of the results for the year. They are not supposed to be searching for fraud and they are not supposed to be commenting on how well run the company is.
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