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Public Debt and Investment Audits

Public Debt and Investment Audits Directorate

This Directorate was created in line with the provisions of the Public Audit Act Cap 378, of the Laws of Zambia which stipulates that the Auditor-General is required to audit the
accounts of every:-

  • Statutory Corporation or public company;
  • Departments in which funds and working accounts are established;
  • Private institutions which receive government grants, subsidies or subventions in any financial year; and
  • At the request of the President, carry out specific investigations into the accounts of any statutory Corporation, public company, department or private institution as the President may consider desirable in the public interest.


The Directorate is headed by a Director who is assisted by two Assistant Directors. It is divided into Public Debt, Pensions, Parastatals and Statutory bodies and Grants, Loans and Investments sections. These Sections are overseen by two Assistant Directors.

The Directorate is responsible for the audit of the following:

Parastatal and Statutory Bodies Section
The responsibilities of this Section are to:-

  • Conduct certification audits of statutory bodies and Commissions;
  • Conduct reviews of the operations of any Parastatal or Statutory body as the Auditor General may deem it fit; and
  • Carry out special audit investigations as may be requested by the President from time to time as per the provisions of the Public Audit Act, Cap. 378 of the Laws of Zambia

Pensions Section
The responsibilities of this Section are to audit:

  • The pension payments of all the retired and deceased civil servants in the Civil and Teaching Services; the Police and Prisons; and the Defence and Security Services; and
  • The benefits of all retrenched officers under the Public Service Reform Programme (PSRP).

Public Debt Section
The responsibilities of this Section are to:

  • Audit¬† Control 99, including Constitutional Expenditure
  • Establish through audit, the extent of the foreign and domestic debt
  • Audit debt raised and repaid including the interest accrued and repaid on each debt annually
  • Establish the debts rescheduled and the terms of the rescheduling;
  • Audit the accounts of the Resource mobilization Unit of the Ministry of Finance and NationalPlanning;
  • Audit the accounts maintained at the Bank of Zambia with regards to the loans raised and charges made on the general revenues of the government annually for loan repayments;
  • Audit the bridging loans from the Bank of Zambia; and
  • Audit the loan guarantees and debt swaps made by the government.


Grants, Loans and Investments
The responsibilities of this Section are to audit the:-.

  • Grants and loans Government has given for different capital projects such as water reticulation, feeder roads, etc and subsequent repayments.
  • Records relating to the counter-part funding by the government and usage;
  • Records relating to investments made by the government and return thereon.
  • All investments in which Government has 10% or more shareholding.
  • All donor funded projects such as World Bank, UNDP and EU projects.
  • Sub contract to private Audit institutions where it is not possible to carry out timely Audits.