The Ministry of Finance has inaugurated a nine-member Governing Board for the Internal Audit Agency (IAA) to revise the Internal Audit Agency Act 2003 and implement major reforms in the Internal Audit Agency.
This forms part of efforts to reduce audit infractions, strengthen accountability in fiscal governance, and enhance the capacity of the Internal Audit Agency to ensure compliance and effective risk management within the public sector.
Speaking at the inauguration ceremony, the Minister of Finance, Dr. Cassiel Ato Forson, stressed the need to restore confidence in public financial management.
He stated that many of the challenges confronting public finance management could be addressed through a stronger and more effective internal audit function across state institutions.
The nine-member Board, comprising professionals with expertise in internal auditing, accountancy, finance, and human resource management, has been tasked with developing strategies to reposition the Agency and strengthen its mandate.
“We must turn the Internal Audit Agency around and restore it to the purpose for which it was established,” he stated.
According to him, the recurring infractions highlighted in the Auditor-General’s reports reflect weaknesses in the country’s accountability systems, including the internal audit function.
He admonished the Board to implement measures that promote accountability and ensure that internal auditors who fail to perform their duties are sanctioned appropriately, including the possible revocation of their licences where necessary.
He also urged the Agency to provide professional development programmes for its staff to better equip them with the skills and knowledge required to effectively perform their duties and maximize their capacity.
“The level of waste is too high, and the Ghanaian taxpayer is losing too much. We need to find a way to fix it,” he stated.
The Minister further noted that the government’s ongoing fiscal reforms are helping to restore confidence in the public finance system and reiterated its commitment to supporting the rebranding and strengthening of the Internal Audit Agency.
Meanwhile, he has revealed plans by the government to establish a mechanism he described as an “Auditors’ Court” to enhance supervision of internal auditors and promote greater public scrutiny and accountability.
He assured the Board of the government’s unwavering support in carrying out its mandate to improve the internal audit function within the public sector and leave the Agency stronger, more independent, and more impactful.
He encouraged members of the Board to serve with integrity and add value to the operations of the Agency by ensuring that the auditing profession receives the recognition it deserves.
“Your success must be reflected in the Auditor-General’s report,” he added.
Responding on behalf of the Board, the Chairperson, Professor Joshua Yindenaba Abor, expressed gratitude to the government for the opportunity to serve, describing the appointment as a “noble call to duty,” he assured the Minister of the Board’s commitment to promoting accountability and ensuring value for money in the management of public resources.
Professor Abor, a qualified accountant and Professor of Finance with expertise in development finance and economics research, pledged that the Board would work diligently to strengthen the Agency and support its mandate.
Members of the Governing Board;
Professor Joshua Yindenaba Abor – Chairperson – Financial Economists, Qualified Accountant and Professor of Finance.
Mr. Benjamin Adjetey Sowah – Director, Budget Division, Ministry of Finance.
Mr. Divine Yao Ayidzoe – Director, Ministry of Local Government, Chieftaincy and Religious Affairs.
Dr. (Mrs.) Irene Stella Agyenim-Boateng – C-Suite Executive and Human Resource Practitioner.
Mr. Thomas Ashaley Thompson-Aryee – Director-General, IAA.
Mr. Daniel Ofosu – Spanning Investor.
Dr. Isaac Nyame – Managing Director, Ikern Associates Limited and Ikern Chartered Accountancy.
Mr. Kwesi Esso Thomas – Chief Executive Officer, Chamber of Pension Trustees and Mr. Godfred Ashiagbor.
By: Rainbowradioonline.com/Ghana
