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Business News of Friday, 25 February 2022


Audit Agency in the process of being upgraded into a Service – Finance Ministry

Abena Osei-Asare, Deputy Minister of Finance Abena Osei-Asare, Deputy Minister of Finance

Audit Agency to expand capacity, functions

IAA established by Internal Audit Agency Act, 2003 (Act 658)

Finance Ministry pledges continuous support for Audit Agency

The Internal Audit Agency is in the process of being upgraded into a Service, this is according to the Ministry of Finance.

According to Abena Osei-Asare who is deputy minister of finance, the move seeks to enhance the capacity and functions of the agency into a well robust service delivering on its mandate.

Making the disclosure during the launch of the 2021 Financial Year Audit, Abena Osei-Asare said, “The Ministry of Finance on its part is also working with the internal audit agency to strengthen the work of internal auditors to ensure that internal control is improved in public institutions to prevent the occurrence of audit irregularities.”

“A great effort is underway by the government to restructure the internal audit agency into an internal audit service through a proposal to amend its act to strengthen its function across all Ministries, Departments and Agencies,” she is quoted by Citi Business News.

Ahead of the move, Abena Osei-Asare said, “a proposal will soon be tabled before cabinet”

“This initiative is aimed at providing the needed independence and adequate resources and technical capacity to enable the internal audit [team] to play its role in public financial management reforms,” the deputy finance minister added.

As part efforts to facilitate and provide quality assurance for internal audit activities within the Ministries, Departments and Agencies and the Metropolitan, Municipal and District Assemblies, the Internal Audit Agency was established as a Central Agency by the Internal Audit Agency Act, 2003 (Act 658).