A Research On The Investment Projects Audit Of Local Governments From The Perspective Of Public Fiduciary Duty

National audit, an "immune system" which was born within national governance system with such functions as precaution, revelation and resistance, exerts a significant influence on government's performing duties according to the law. As a crucial tool for government to fulfill its duties, the construction of government-invested projects has many effects like stimulating investment, promoting the economic growth and improving social livelihood. With the increasing investment of the government, it's indispensable for auditing department to supervise the construction, the operation and other aspects of the government-invested projects.Public fiduciary duty is one of the duties of our government which accepts the commission of the public, manages and uses all the resources of the public, satisfies the requirements of the public and reports the management and service condition to the public. Auditing department comes from the requirements for supervision and report of the public fiduciary duties. The auditing departments with public authorization have rights to supervise the government and report to the public about the results of their supervision.The construction of government-invested projects is just an approach for government to carry out the public fiduciary duty, and when the object of the auditing department is the government-invested project, this type of audit can be called government-invested audit. The government-invested audit, analyzed from the perspective of public fiduciary duty, mainly contains two-tier meaning:the first meaning is that national audit including the government-invested audit is from the requirements for supervision and report of the public fiduciary duties, while the second meaning is that the object of the government-invested audit is the process in which the government fulfills its public fiduciary duty through project construction. Therefore, this thesis proposes that the work of government-invested audit should be checked from the following two aspects, namely whether the audit subject has the ability to meet the supervision demands of the public fiduciary duty and whether the specific auditing work can satisfy the supervision and management requirements of public fiduciary duty.Taking the government-invested project audit of Longgang district in Shenzhen as an example, this article reviews the development history of the government-invested project audit center in Longgang district and the results of audit in recent years, and analyzes the problems of the current government-invested audit existing in audit subject and specific audit work. These problems can be concluded as follows:the audit subject lacks independence and autonomy; the management of intermediary organs is insufficient; the content of audit mainly focuses on the audit of construction costs, types of audit and the audit of final settlement of account; and the intension of rectification is not enough. Through analyzing the reasons resulting in these problems, this article proposes to strengthen the capacity building of audit subjects by increasingly advancing correlative reforms of audit, improving the professional competence of auditing officers and reinforcing the management of intermediary organs. These measures, such as enriching the types of audit and expanding the content of audit, carrying out entire process track audit to major project, controlling the numbers of audit projects reasonably and so on, can optimize specific auditing work, make the work of government-invested audit receive better achievements, preferably perform auditing department's supervision to the government-invested projects and report to the public in time through the auditing result announcement.