On the 13th of June 2022, Mrs. Mercy Naa Aku Koranteng, Director in charge of Finance and Corporate Planning inaugurated the Audit Committees of the Greater Accra Regional Coordinating and twenty-six (26) Assemblies on behalf of the Director-General at the Accra Metropolitan Assembly Conference Room.
Hon. Henry Quartey, the Greater Accra Regional Minister in his opening address welcomed all to the inauguration and expressed his gratitude to the Director-General of the Internal Audit Agency for initiating the exercise.
The Minister urged members of the Audit Committee to be guided by the laws and regulations enacting their establishment. He said that Audit Committee form an integral part of the financial and administrative management of Covered Entities and are thus recognized as a key principle in good governance by protecting and preserving the public purse. Hon. Henry Quartey added that the Committees play an important corruption prevention role by providing oversight responsibility for financial reporting and auditing processes, internal and external controls as well as compliance with laws and regulations. In essence, the operations of effective Audit Committees should transcend financial controls and internal and external audits.
The Hon. Minister advised on considering the following key areas to ensure effectiveness and efficiency in the work of Audit Committees:
- skills
- experience and training of members
- participation of members at meetings
- frequency and attendance of meetings
- the resources and support available to assist the committee in fulfilling its role
- the relationship between the committees and senior management as well as
- reporting relationship between the audit committee and management, among others.
Mrs. Offei-Koranteng in her address said the Audit Committees have three main roles to
perform in the discharge of their duties:
- Mandatory role: supporting Management to implement recommendations in Internal Audit Report, External Audit Reports, Management Letters and directives from the Public Accounts Committee (PAC) of parliament.
- Advisory role: ensuring that MMDAs and the RCC operate an effective risk management system.
- Supporting role: supporting the Internal Audit Unit and Management to follow laid down procedures of internal audit reporting requirements including the submission of the timely Internal Audit Plans and Quarterly Internal Audit Reports.
In her conclusion, the Director urged members of the Audit committees to support Management to achieve their mandate and to help avoid publication of their institutions’ names in the dailies.
