In Tanzania, entities prepare financial statements in accordance with financial reporting frameworks stipulated in various legislations including the Public Finance Act, the Local Government Finances Act and the Companies Act. These legislations require Public Sector Entities to prepare and submit the financial statements to CAG within a period of three months from the last date of the financial year (i.e. not later that 30th September of every year).

CAG evaluates and expresses an independent audit opinion as to whether the financial statements are presented fairly in all material respects in accordance with the applicable financial reporting framework. In conducting the audits, CAG is guided by the International Standards of Supreme Audit Institutions (ISSAIs) issued by INTOSAI.