The Audit Committee of the Precious Mineral Marketing Company (PMMC) was inaugurated on 13th July, 2022 by Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency.
Members of the Audit Committee are Mr. Hubert Dake (Chairman and ICAG Rep), Mr. Michael Amoah (IAA Rep), and Mr. Komla Onny, member of the PMMC Board. Nana Akwasi Awuah, the Managing Director of the Company chaired the inauguration. In his address, he welcomed all to the inauguration and stated the purpose of the meeting.
Dr. Osae, in his address congratulated members on their appointment. He stated that as an Audit Committee, it is a statutory institution whose establishment is provided for under the Public Financial Management (PFM) Act with three main roles: mandatory, advisory and supporting. The mandatory role, Dr. Osae said, is to work with Management to implement any recommendation that will be made in Internal and External Audit reports, directives from the Public Accounts Committee (PAC) of Parliament and any monitoring report of the institution that has financial implications. He added that the role of the Committee is to support in the achievement of the institution’s objectives and not to take over the management of the Company. He advised the Committee not to only concentrate on financials but also pay attention to performance auditing and delivery of the institution’s mandate as stated in its Establishment Instrument (EI). The Director-General added that as part of the mandatory roles, the Committee is required to submit an annual report, copies of which should go to the Office of the President, Parliament, the Auditor-General and the Director-General of the Internal Audit Agency as all these stakeholders have interests in the report.
On the advisory role, he tasked members of the Committee to put their expertise at the disposal of the Company and provide the necessary advice. He encouraged members of the Audit Committee to join in Entrance and Exit meetings of External Auditors to acquire firsthand information on issues raised to ensure their resolution before they are raised in the Management letter issued by External Auditors to protect the integrity of the institution.
Speaking on the supporting roles of the Committee, Dr. Osae said the Committee should support the Internal Auditor to prepare required reports and submit them timely. He informed the meeting that the Agency is naming and shaming defaulting institution by publishing names in the dailies and mentioned 31st July, 2022 as the due date for the submission of the 2nd Quarter Internal Audit Report. He encouraged the Committee to work with Management to ensure reports are submitted.
In conclusion, Dr. Osae said as professionals, members should work with Management to ensure good systems are put in place to prevent External Auditors from having any adverse finding to report on the Company. He pledged the support of the Agency in addressing any challenges members may encounter.
