Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency (IAA) on 5th October, 2022 inaugurated the Audit Committee of the Public Utilities Regulatory Commission (PURC). The event was chaired by Mr. Ebo Quagranie, Board Chairman of the Commission. In attendance was the Executive Secretary of the institution, Mr. Ishmael Ackah.
Members of the Committee are Mr. Emmanuel K. Ofosu Offei (ICAG Rep and Chairman of the Committee). Ms. Edith Pinamang (IAA Rep), Mr. Kwabena Hemeng Ntiamoah (IAA Rep), Prof. Joe Amoako-Tuffour and Mr. Nii Darko Asante are Board members of PURC.
Mr. Quagrainie in his opening remarks said that due to the important role the Audit Committee plays in the management of PURC, he was glad of its inauguration. He charged the incoming Committee to see to the efficient management of the finances of the institution, ensure the Accounting Manual gets the Board’s approval and set limits for the Principal Spending Officer and the Director of Finance with regards to the signing of cheques.
Delivering his speech, the Director-General of the IAA mentioned that, that the Commission was not cited for serious infractions was indicative of the good work done by leadership and the previous Audit Committee of PURC. He tasked the new Committee to take a look at the Management Letter of the Auditor-General and help resolve any audit issues that require attention. He entreated the Committee to assist in the facilitation of the business of the institution and not be an impediment. Dr. Osae outlined the three statutory roles of the Committee as mandatory, advisory and supporting.
On the mandatory roles, the Committee is required to support leadership in the implementation of recommendations from Internal and External Audit Reports. The Committee is required to also prepare and submit an annual report, copies of which should be circulated to Parliament, Auditor-General and the IAA. The advisory roles of the Committee, Dr. Osae said, include putting its expertise at the disposal of the Commission. He tasked members to provide advice on Enterprise Risk Management practices of the institution and ensure risk management is mainstreamed into its operations. He hinted that the institutions the PURC regulates have many risks thereby placing the risk appetite of the Commission on the high.
Dr. Osae continued that the supporting roles of the Committee include supporting the Internal Audit Unit (IAU) of PURC to prepare and submit required quarterly internal audit reports and plans such as the 2023 Risk-Based Internal Audit (RBIA) Plan. He intimated that the IAA is currently rolling out a nationwide training on RBIA and as such there is no excuse for the inability of Internal Auditors to prepare their 2023 RBIA Plans. The Director-General advised the Committee to attend the Entrance and Exit Meetings of External Auditors to enable them appreciate audit observations and so assist in their resolution. He tasked the Committee to assist the IAU to develop an Audit Charter if the Commission does not have one. He advised the Committee to develop a good working relationship with the Audit Committees of the institutions under the PURC to allow for peer-peer review of their activities.
In concluding, Dr. Osae requested Management to organise an orientation for the new Committee to enable them understand the business of the Commission. He encouraged leadership to work at improving the financial ratio of 1:33.
In his closing remarks, Mr. Ebo Quagrainie thanked the past Committee for the good work and requested the new Committee to continue where the previous Committee has left off. He assured that, leadership would work in unison with the Committee to move the PURC forward.
