The government has appointed a new governing board for the Internal Audit Agency (IAA) and intends to change the institution’s law as part of broader measures to improve public financial management and reduce losses caused by lax monitoring in state organisations.
Dr. Cassiel Ato Forson, Finance Minister, inaugurated the nine-member board and charged it with leading changes targeted at strengthening accountability, minimising audit infractions, and improving risk management in the public sector.
Finance Minister Announces Audit Agency Reforms to Reduce Public Sector Losses.
The board’s responsibilities include examining the Internal Audit Agency Act of 2003 and devising ways to boost the agency’s ability to enforce compliance and improve internal controls inside government enterprises.
“We must turn the Internal Audit Agency around and restore it to the purpose for which it was established,” Doctor Forson stated during the inauguration.
In the midst of continuous attempts to restore trust in the nation’s public finance management system, Ghana is attempting to strengthen fiscal restraint and enhance the governance of public resources.
According to Dr. Forson, persistent inconsistencies found in the Auditor-General’s reports indicate flaws in the internal audit function and other accountability systems.
He encouraged the board to make sure internal auditors are held responsible for their mistakes, including by imposing penalties and, if necessary, having their professional licenses revoked.
“The level of waste is too high, and the Ghanaian taxpayer is losing too much. We need to find a way to fix it,” he stated.
In order to improve oversight of internal auditors and raise public awareness of the field, the finance minister also announced plans to create what he called a “Auditors’ Court.”
Dr. Forson states that the government will back initiatives to improve and reposition the Internal Audit Agency in order to increase its independence and effectiveness in protecting public monies.
In order to enhance technical proficiency and boost the efficiency of internal audit operations throughout government institutions, he also urged the agency to broaden its professional development initiatives for its employees.
“Your success must be reflected in the Auditor-General’s report,” Forson said to the board.
In response, the board’s chairperson, Professor Joshua Yindenaba Abor, stated that members would strive to promote accountability and guarantee value for money in the administration of public resources.
Professor of finance and certified accountant Abor called the appointment a “noble call to duty” and promised that the board will back changes meant to improve the agency’s efficacy and mission.
To reduce losses in the public sector, the finance minister unveiled reforms to the audit agency.
The Internal Audit Agency, the Ministry of Finance, the Ministry of Local Government, Chieftaincy and Religious Affairs, and private sector experts in finance, accounting, human resources, and pension administration make up the governing board.
Benjamin Adjetey Sowah, the director of the Ministry of Finance’s Budget Division; Divine Yao Ayidzoe, the director of the Ministry of Local Government, Chieftaincy, and Religious Affairs; Irene Stella Agyenim-Boateng, a human resource professional; Daniel Ofosu; Isaac Nyame, the managing director of Ikern Associates Limited and Ikern Chartered Accountancy; Kwesi Esso Thomas, the chief executive officer of the Chamber of Pension Trustees; and Godfred Ashiagbor.
Source: newsthemegh.com