AUDIT SERVICE CORPORATION

ASC is the principal organization in Ethiopia responsible for auditing public sector business organizations as well as government programs and projects. The wide scope of government ownership in Ethiopia means that ASC undertakes the audits of all the Country's largest industrial and commercial companies, though the responsibility for auditing Government-owned organizations is that of the Office of the Federal Auditor General (OFAG). Since OFAG has specialized in auditing those government organizations that depend on annual budgetary revenues apportioned by the Federal Government for their operations (i.e. ministries, commissions. agencies etc), it delegated the audit of public sector business organizations (i.e. entities that mainly depend on revenues generated by themselves for carrying out their tasks, such as government financial institutions, factories, utilities as well as government programs and projects funded by foreign donors) to ASC.