(f). Exchange. In exchange operations in which the Government is frequently involved on general account, rates must, as in the previous cases cited, be accepted unchallenged; nor is it possible, for example, to ensure a healthy competition in the purchase or sale of drafts such as might be effected by local supervision.
Speaking generally of exchange, it may be confidently asserted that a good working knowledge of a subject which enters so largely into this Colony's accounting can only be acquired locally, and the criticism and suggestions of a competent auditor, to be of any practical use, must be made without the lapse of a long period.
(g). General. The limitations under which a Home audit of expenditure is conducted have not, however, been exhausted: there still remain that large variety of casual checks and cross-checks which can only be carried out by, as they can only be suggested to, a man on the spot.
That these limitations are to some extent realised by the Comptroller and Auditor-General may be inferred from the transfer to local audit of the examination of below-the-line accounts, etc., which was previously carried out at headquarters.
Before
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accounts during the period referred to above.
(f).
344
Exchange. In exchange operations
in which the Government is frequently involved on general
account, rates must as in the previous cases cited be
}
accepted unchallenged; nor is it possible for example to
}
ensure a healthy competition in the purchase or sale of
drafts such as might be effected by local supervision.
Speaking generally of exchange it may be confidently
asserted that a good working knowledge of a subject which
enters so largely into this Colony's accounting can only be
acquired locally, and the criticism and suggestions of a
competent auditor to be of any practical use, must be made
without the lapse of a long period.
(g).
General. The limitations under
which a Home audit of expenditure is conducted, have not,
however, been exhausted: there still remain that large
variety of casual checks and cross-checks which can only
be carried out by, as they can only be suggested to a man
on the spot. That these limitations are to some extent
realized by the Comptroller and Auditor-General may be
inferred from the transfer to local audit of the examina-
fl
-tion of below the line accounts etc., which was previously
carried out at headquarters.
Before
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