Business News of Thursday, 21 August 2014

Source: Daily Guide

‘Set high standards for transparency’

Nii Adumansa-Baddoo, Chairman of the Internal Audit Board, has charged management of public institutions to set high standards that would translate into transparency and accountability.

Nii Anumansa-Baddoo, who was speaking at beginning of the 9th Annual Internal Audit Forum Tuesday in Accra, said improving governance in the public sector requires a robust and effective internal auditing practice that would provide the appropriate platform for proper financial management and help to prevent corrupt practices, as well as the abuse of national resources.

Ghana’s Internal Audit Agency (IAA), he said, has assisted about 95 per cent of MDAs and MMDAs to establish Internal Audit Unit as required by law.

Kwabena Obese-Jecty, Director-General of IAA, in a speech, appealed to Parliament to pass the Freedom of Information Bill since it was a key legislation in the fight against corruption.

Noting that improving governance in the public sector involved many processes, systems and informal networks, Mr Obese-Jecty called for measures to look at management and the internal auditor, custodians and operators of management controls and also systems of internal control.

He advised managers of public institutions not to use transfer and posting as a means of punishment in the public service.

The two-day event was themed: “Improving governance in the public sector.”

Vice President Kwesi Amissah-Arthur, the Guest of Honour, challenged internal auditors to ensure better governance in their organizations by complying with laid-down procedures.

He said audit reports being published in the newspapers of late illustrate a breakdown in internal controls because agencies did not comply with financial and other controls.

The meeting sought to improve governance in the public service and was attended by internal auditors from the Ministries, Departments (MDAs) and Agencies, as well as Metropolitan, Municipal and District Assemblies (MMDAs).

Vice President Amissah-Arthur said rather than feeling apprehensive about the threat of an audit query, managers of public institutions simply ignore them because auditors have been subordinated to these non-performing officials.

Mr Amissah-Arthur bemoaned the deterioration of good governance in public institutions, which he said was unhealthy for the development of the country.