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Business News of Tuesday, 28 June 2011

Source: GNA

Internal Audit Board calls for transformation of Internal Audit Agency

Takoradi, June 28, GNA - Nii Adumansa-Baddoo, Chairman of the Internal Audit Board on Tuesday called on stakeholders to support the amendment of the Act (658) that established the Internal Audit Agency.

He noted that the proposed amendment of the Act would ensure independence, objectivity and the protection of internal auditors to reflect global standards.

"The Board is of the view that there are certain grey areas in the law as it presently stands which does not make it possible for the Agency to effectively deliver on its mandate in line with international standards," he added.

Nii Adumansa-Baddoo who was speaking at a stakeholders consultative workshop in Takoradi advocated the establishment of the 93head of Class"= to consolidate all internal audit resources of the Ministries Departments and Agencies and Metropolitan, Municipal and District Assemblies.

He noted that making the Agency 93head of Class" devoid of any influence from the Local Government Service and the Office of the Head of Civil Service would enable it to carry out effective recruitment, promotion and transfer of staff as well as the general internal audit activities within the public sector.

Nii Adumansa-Baddoo said: 93Internal Audit professionals have sought greater recognition and respect for their activities and by the amendment of the Act 658, that recognition and respect will be improved and finally secured."

He said the Board was of the belief that the amendment could effectively check corruption and improve probity and accountability in the public sector.

"Internal Auditors are very crucial in the governance process and if well resourced could save the nation huge sums of money by stopping the leakages in the system."

Mr Paul Evans Aidoo, Western Regional Minister, said the amendment of the Act would enrich the existing laws and also ensure that internal auditors were independent and carried their duties in an objective manner.

"If Internal Auditors are effective and efficient in the performance of their work, resources could be saved for infrastructural development," he said.

Mr Aidoo noted that Internal Auditing was an integral part of good governance, which should therefore be linked with accountability and better public sector management to improve performance.

Mr Ransford Agyei, Acting Director General of the Internal Audit Agency noted that internal audit functions were outside the mainstream activities of the agency, which were purely oversight and supervisory roles on internal auditing practices.

He said the Agency lacked the capacity in terms of adequate human and material resources to carry out fully the professional internal audit functions.

Mr Agyei reiterated that the amendment would pave the way for the Agency to be able to perform professional internal audit functions effectively.