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UPDATED: 16:28, July 23, 2004
Serious waste caused by unscientific investment decision needs to be audited
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Auditors should also cast their attentions to serious waste caused by unscientific investment decision even though such decisions don't violate the financial laws and regulations, says Li Jinhua, auditor-general of the National Audit Office.

Li said at an internal meeting that audit department should not only attach importance to loss and waste in economic sector and loss of state assets, but also pay attention to serious waste caused by unscientific investment decision.

Talking about public feedback to the "audit storm", he says, "Some comments are too high. I am an auditor too. I have just done my job."

"I hate actions that harm the interest of the nation and people. The party and the people put me in the poison of auditor-general. So I will let the people down if I cannot disclose the illegal actions."

According to Li, a lot of works need to be done after the "audit storm". The country needs to emphasize administration by law, because some people who have rights of the planned economy make profit for themselves under the rules of market economy. The government needs to make the administrative actions more transparent and build a government that rules by law.

The various phenomena in the economic sector reflect some problems in macro control and economic institution and laws. Aside from auditing and disclosing problems, the audit department has responsibility in analyzing these problems from the perspective of macro control.

"Neither self-praise nor scare leads to perfect audit work. It is a result of deep sense of responsibility and solid ground of profession," says Li as encouraging new employees in the National Audit Office.

By People's Daily Online

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