Mandatory annual audit of Government Annuities accounts by the Auditor General has been removed from the law

Plain-language summary · AI-assisted

The provision requiring the Auditor General to conduct an annual audit of the accounts and financial transactions under the Government Annuities Act and the Government Annuities Improvement Act, and to report results to the Minister, has been repealed. No new audit requirement replaces it in this legislation. Entities or individuals holding existing government annuity contracts are not directly affected in terms of their contract terms or payout rules, which remain unchanged. Those who relied on the annual audit report as a source of financial transparency information about the Government Annuities Account should be aware that this reporting obligation no longer exists under this Act.

Who this affects
existing government annuity contract holders · government finance and compliance officials · parties monitoring Government Annuities Account reporting