PMMC inaugurates audit report committee

An Audit Report Implementation Committee (ARIC) has been inaugurated for the Precious Minerals Marketing Company (PMMC) Limited, with a call on members to apply the principles of integrity, honesty, objectivity and humility in all that they do.

The five-member committee, which is chaired by the Managing Director of the Company Mr. George Abradu-Otoo, is expected to promote effective functioning of the Internal Audit Unit and to follow-up on audit recommendations to ensure efficient and effective utilisation of public resources in line with objectives of the Public Financial Management Reform Programmes.

Performing the inauguration, the Minister for Lands and Natural Resources, Nii Osah Mills said inauguration of the Committee is in compliance with the provisions of section 30 (1) of the Audit Service Act, 2000 (Act 584), which requires all institutions -- including Ministries, Departments and Agencies -- to set up an ARIC and as such subject themselves to the Auditor-General (AG) for auditing.

He opined that ARIC is therefore a statutory and high level independent corporate governance committee in the Public Sector Financial Management System.

The Minister is hopeful that the Committee, which aims at complementing the work of PMMC, will work within its mandate to ensure that the vision and mission of the Company is achieved.

The mandate of the Committee is to ensure the implementation of all audit reports; to follow-up recommendations of the Auditor-General Public Accounts Committee, as well as those in Internal Audit reports; to review the implementation of issues raised in all audit reports, as well as financial matters raised in the reports of internal monitoring units at the institution.

The Committee is also expected to ensure that annual statements are prepared showing the status of implementation for recommendations made in all audit reports, as well as AG’s reports which have been accepted by Parliament.

Additionally, the Committee will review and advise on the strategic and annual internal audit plans; monitor the performance of internal audit units against its annual internal audit plans and strategic plans; and monitor the implementation of agreed audit recommendations.

Nii Osah Mills reminded members of the Committee that they are expected to meet quarterly and submit reports and recommendations of such meetings to the Ministry for further action.

“I assure you of the Ministry’s readiness to support you deliver your mandate efficiently and diligently so as to achieve the PMMC’s and government’s agenda,” he stated.

The membership of ARIC at the Agency and Departmental levels according to the Audit Service Act, 2000 (Act584), comprises the Head of the Agency or Department, or a representative of the Head (Chairman of ARIC); two line Directors other than the Head of Finance or Internal Audit; two external representatives, with a minimum of eight years’ experience in accounting or auditing -- one each nominated by the Internal Audit Agency and the Institute of Internal Auditors of Ghana.

Other members of the Committee are Mr. Jacob W. Essel-Head of Business Development; and Mr. Wilson Adutwum-Corporate Planning Officer (both of PMMC); Mr. Kwabena T. Obese-Jecty-representative of the Internal Audit Agency; and Mrs. Mary Ashon Mensah-representative of the Institute of Internal Auditors.

Speaking on behalf of his colleagues, the PMMC ARIC Chairman Mr. Abradu-Otoo said inauguration of the Committee comee at a time the Company is going through a lot of challenges, and that the calibre of personalities on the Committee will help PMMC surmount those challenges into success.

He lamented that foreigners have taken over the gold business without recourse to PMMC and its mandate and are exporting the gold without any monitoring, which to a great extent is affecting the country -- stressing that currently it is Indians who are determining the gold price in the country.

He therefore appealed to the Minister to use his good offices help nip the situation in the bud; noting that if the business was in the hands of Ghanaians, when they (Ghanaians) sold the gold outside 100 percent repatriation would be assured.

Four board-members of PMMC -- Alhajj Sanni Mohammed, Mr. Addunku Bretuo Amoah, Mr. Michael Ologo and Mr. Edmund Yaw Hassan -- as well as the various Heads of Department and some officials from the Ministry were present to witness the inauguration.