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Business News of Wednesday, 29 November 2017


Audit Committee inaugurated in Upper West Region

The Upper West Regional Audit Committee has been inaugurated with a call on members to discharge their duties with professionalism to ensure the implementation of the recommendations of the audit reports.

Alhaji Sulemana Alhassan, Upper West Regional Minister, in a speech read on his behalf, told the members that their appointment was in fulfilment of Section, 86(1) of the PFM Act, 2016 (Act 921), Section 30(1) of the Audit Service Act (ASU), 2000 (Act 584) which requires all institutions subject to auditing by the Auditor-General to establish Audit Committees.

He said the Audit Committee is a statutory and high level independent corporate governance committee in the public sector financial management system and that it is expected to promote the effective functioning of Internal Audit Units (IAUs) and provide advice to management on Risk Management, Internal Controls and Compliance with laws, regulations and ethical standards with regards to resource management.

Alhaji Alhassan said the committee was mandated to annually prepare statements showing the status of implementation of recommendations made in all audit reports as well as the Auditor-General’s reports which have been accepted by Parliament and any other related directives from Parliament.

“The statement shall show remedial actions taken or proposed to be taken to avoid or minimize the recurrence of undesirable features in the accounts and operations of the institution, body or organization and the time frame for action to be completed”, he said.

The Regional Minister said with regards to Internal Audit, the Audit Committee would perform functions such as review and advice on strategic and annual internal audit plans, monitor the performance of (IAUs) against its annual internal audit and strategic plans, monitor the implementation of agreed audit recommendations and review the activities, resources and organizational structure of the IAU and ensure that no unjustified restrictions or limitations were place on the Internal Auditors among others.

Mr Ransford Agyei, the Acting Director General of the Internal Audit Agency, in a speech read on his behalf, said the responsibilities of the Audit Committees would lead to the effectiveness of the public accountability, transparency, operational and financial performance, safeguarding and efficient use of public assets and purse.

He said these committees were being inaugurated so that the Municipal and District Assemblies in the region could fulfill one of their responsibilities under the PFM Act.

Mr Agyei urged members of the committee to acquaint themselves with the laws, policies and rules of the Municipal and District Assemblies they serve as Audit Committee members and requested that they made available to members all relevant policy documents including strategic plans, work plans, 2017/2018 budget and the PFM Act 921.

“The Audi Committees of the MMDAs are very important in the governance of the MMDAs and they require the support of management and all key stakeholders in order to execute their statutory mandate”, he said.

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