The Audit Committee of the Ghana Enterprise Agency (GEA) was inaugurated by the Director-General of the Internal Audit Agency (IAA), Dr. Eric Oduro Osae on 7th October, 2022. The event was chaired by the Chief Executive Officer of the Agency, Mrs. Kosi Yankey-Ayeh who said auditors are key to the success of the institution and this, they do by guiding leadership in the management of the finances of GEA. In this regard, Management of GEA involves the Internal Audit Unit in the execution of all projects. She appreciated the work of the previous Committee and entreated the new Committee to work hard to lift the image of the institution.
Members of the Committee are Mr. Nii Akwei Tetteh (ICAG Rep and Chairman of the Committee), Madam Stella Segbavu (IAA Rep), Mr. Daniel Adjetey Adjei (IAA Rep) and Madam Ama Abrefi (GEA).
Dr. Osae in delivering his address mentioned that the Audit Committee is a statutory Committee which is important to the effective functioning of GEA. He emphasised that the mandate of the institution holds the future of Ghana since investment in local, regional and small businesses would help in the development of the country. He outlined the mandatory, advisory and supporting roles of the Committee. The mandatory roles, according to the Director-General include assisting Management in the implementation of recommendations from Internal and External Audit Reports and directives from Parliament. He advised the Committee to take this function seriously since the Government is now fast and hard on the implementation of recommendations contained in audit reports. Another mandatory role is the submission of half-year and annual reports on the activities of the Committee, copies of which should be circulated Parliament, the Auditor-General and IAA. He advised that the Sector Minister should endorse the reports so he can be privy to the information contained in them.
On the advisory roles, Dr. Osae tasked the Committee to support leadership to mainstream Enterprise Risk Management (ERM) in the operations of the institution since the public sector is currently moving away from conventional auditing to a risk-based one. He mentioned the Risk-Based Internal Audit (RBIA) training the IAA is rolling out to ensure Internal Auditors adopt a preventive approach to supporting their institutions. He said RBIA focuses on key thrust areas such as monthly audit of payroll, implementation of audit recommendations, mainstreaming of ERM in the activities of institutions, auditing of assets and titling of properties. He charged the Committee to assist Management in the development of an Enterprise Risk Management Policy and offered the assistance of the IAA should it be required. The supporting roles of the Committee includes supporting the Internal Audit Unit in the preparation and submission of mandatory reports and plans. He tasked members to sit in the Entrance and Exit Meetings of External Auditors and deepen the institution’s relationship with the OHLGS and MLGDRD to enable GEA make input into national development.
He intimated that the following reports will be due for submission.
- 3rd Quarter Internal Audit Report by 31st October, 2022
- Annual Internal Audit Performance Report by 31st December, 2022
- 2023 RBIA Plan by 31st January, 2023.
He concluded by tasking the Committee to help Management resolve the issue of unearned salaries raised in the Auditor-General’s Report. He encouraged members to visit the website of IAA for useful information.
In her closing remarks, Mrs. Yankey-Ayeh said she looked forward to working with the new Committee in building the nation we all desire to see.
