The objective of the FISD is to ensure proper financial management and accountability in handling, utilization and expenditure of public monies and properties by providing adequate financial inspections and investigations coverage of government officess and instrumentalities and rigorous enforcement of the applicable laws, espcially the Public Finance (Management) Act and any fraudulent actions against the State.
The Division is an Internal Audit Unit of the Department of Treasury although the functions it performs are external in nature because of the wide ranging powers of the Finance Inspectors to conduct audit and inspections into all Government agencies. It provides audit in accordance with its work program to all National Departments, Provincial Governments and all other Government Agencies. Also, as and when required, conducts special investigations into reported or suspected misuse or misappropriation of State assets.
- NACA (National Anti-Corruption Alliance) activities such as meetings and investigations into fraud and corruption. The FAS is the Chairman of the NACA Technical Working Group while the Secretary for Treasury is the Deputy Chairman on the NACA Board which is chaired by the Police Commissioner.
- The Division is also heavily involved in capacity development of the internal audit units of the Provinces through the Strenghtening of Provincial Audits (SPIA) project in collaboration with the Auditor General's Office and the Department of Provincial & Local Level Government Affairs.
The Division has 3 branches and has regional offices in Konedobu (Southern), Lae (Momase), Mt Hagen (Highlands) and Rabaul (Islands):
- Departmental Inspections
- Technical and Advisor
- Provincial Inspections