Mr. Nathan Yankey, the Director of Operations of the Internal Audit Agency, inaugurated the Audit Committee of the Petroleum Commission Ghana on behalf of the Director-General, Dr. E.O. Osae on 28th July, 2022.
Mr. Egbert Faibille Jnr., CEO of the Commission chaired the event. In his opening address, Mr. Faibille Jnr. welcomed the meeting on behalf of the Board. He informed the meeting that the Commission was established by Act 821 of the Petroleum Commission Act 2016 to monitor what international petroleum companies do in terms of the exploration of the oil in Ghana. He stated that in order for the institution to deliver on its mandate, there is the need for the institution of the Audit Committee and hence the gathering.
Mr. Nathan Yankey who delivered the speech on behalf of the Director-General, said the Audit Committee is a high-level corporate governance institution established by the PFM Act. He added that having the Director-General of the Agency as the Chairman is indicative of what is to be expected. Mr. Yankey mentioned that the mandate of the institution places a huge task on the Committee as the effective management of oil requires putting in place management and governance systems. He outlined the mandatory, advisory and supporting roles of the Committee. On the mandatory roles, he said members are to work with Management to pursue the implementation of recommendations of audit findings contained in Internal and External Audit Reports, Decisions of Parliament and recommendations in Monitoring Reports.
The advisory roles of the Committee according to Mr. Yankey include ensuring Management implements sound financial and risk management practices and effective controls such as the safeguarding of assets exist. On the supporting roles, he mentioned that members are to support the Internal Audit Unit (IAU) in the preparation and submission of Quarterly Internal Audit Reports, Annual Risk-Based Internal Audit (RBIA) Plans and other required reports. He stated that the Commission is in good standing as regards the submission of the RBIA Plan but defaulted in that of the 1st Quarter Internal Audit Report. He added that that the reports give signals of control weaknesses that need to be addressed.
In concluding, Mr. Yankey said that if there is an energy institution that is working, one could be assured of a sustainable micro fiscal environment. He tasked members to work towards the achievement of the objectives of the PFM Act.
In his closing remarks, the CEO of the Commission thanked the outgone Audit Committee for doing a yeoman’s job. He continued that his participation in the work of the Committee had been a learning curve for him. He welcomed the new Committee and stated that with the Director-General being the chairman, the Commission can only expect the best.
Members of the Committee are Dr. E.O. Osae (IAA Rep and Chairman of the Committee), Madam Rita Sarkodie Baffoe (IAA Rep), Mr. Nicholas Adoboe-Mousah (ICAG Rep), Madam Jemima Nunoo and Mr Daniel Asiedu are (Reps of the Commission’s Board). Mesdames Aba Mensah and Mimi Sika Baako are Secretaries to the Committee.
  