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Business News of Friday, 15 July 2011

Source: GNA

Consolidate resources of MDAs- Audit Board

Tamale, July 15, GNA- The Board of the Internal Audit Agency (IAA), has called for an amendment to the Internal Audit Agency Act, 2003, (Act 658).

This would help consolidate the internal audit resources of the Ministries, Departments and Agencies (MDAs), as well as Metropolitan, Municipal and District Assemblies (MMDAs) under the Agency, with the Agency as head of the class.

This it said, would ensure the independence, objectivity and protection of internal auditors.

The object of the Internal Audit Act, Act 2003, (Act 658), established five years ago sought among other things to co-ordinate, facilitate and provide quality assurance of internal audit activities within MDAs and MMDAs.

It also sought to operate as an apex oversight body and mandated to set standards and procedures for good conduct of internal audit activities in MDAs and MMDAs.

Making the call for the amendment at a stakeholder’s consultative workshop, to review the Internal Audit Agency Act, 3003, (Act 658) in Tamale on Thursday, Nii Adumansa-Baddioo, Chairman of the Internal Audit Board (IAB) noted that although the Act had made some significant achievements since its inception some of its provisions in law did not promote the desired independence, objectivity and protection of the internal audit unit.

A speech read on his behalf said, “The Board is of the view that there are certain grey areas in the law as it presently stands, that does not make it possible for the Agency to effectively deliver on its mandate in line with the international standards for professional practice of internal auditing”, Nii Adumandsa-Baddioo stressed.

He however mentioned some of the achievements of the present (Act 658) to include the establishment of 301 internal audit units in MDAs and MMDAs, the development of internal audit regulations and the adoption of international professional practice framework.

Mr San Nasamu Asabigi, Deputy Northern Regional Minister hoped with commitment to integrity and accountability, the amendments to the internal audit act would position internal auditors to provide the governing bodies and senior management, an objective assurance and independent advice.

He said such advice would be important in determining the efficiency of operations and reliability of financial reporting, investigating fraud, safeguarding assets and compliance with laws and regulations.

The Deputy Minister noted that if auditors were more effective and efficient in the performance of their work, more resources could be saved for infrastructural development such as schools, hospitals and roads.

He urged auditors to stick to their professional background and competence and strife to acquire the skills and knowledge necessary for their jobs.