On 17th November, 2022, the Director-General of the Internal Audit Agency (IAA) inaugurated the Audit Committee of the Ghana Export Promotion Authority (GEPA).
In her opening remarks, the CEO of the institution, Dr. Afua Asabea Asare who chaired the inauguration said she was happy the event was happening. She stated that GEPA has had a long association with the Internal Audit Agency and the work of auditors on the whole. She mentioned that proceedings at PAC have shown poor risk management and failure of controls even by organisations with audit departments and committees such as the Audit Committee. She stressed that the fact that weak controls continue to exist is a pointer to the need for the Audit Committee. Dr. Asare said that GEPA has over the years worked to develop a detailed system of checks and balances, identify where risks lie and set out to manage them. She concluded that the institution relied heavily on the work of the Committee and entreated the Committee to support it fully.
Delivering his address, the Director-General said the Committee is a statutory one which is not to take over management of the Authority but to support in the achievement of its mandate. He enumerated the mandatory, advisory and supporting roles of the Committee prescribed by the PFM Act. Dr. Osae expounded that the mandatory roles of the Committee include assisting leadership of the Authority to implement recommendations from Internal and External Audit Reports and directives from PAC of Parliament. He revealed that an equally important mandatory function of the Committee is the preparation and submission of an annual report of which copies should be submitted to the Office of the President, Parliament, the Auditor-General and the Internal Audit Agency. He intimated that Parliament upon receipt of the report, refers it to the appropriate Select Committee. The aim is to prevent the Auditor-General from reporting financial irregularities in his report. The Director-General charged members to work in collaboration with Management so infractions reported by the Auditor-General are reduced.
According to Dr. Osae, the advisory role of the Committee includes advising on the implementation of good risk management systems. In this vein, he tasked the Committee to finetune the risk management policy of the institution if there is one and if not, it should assist in the development of one so the risk register could be populated. On the supporting role, the Director-General requested the Committee to assist the Internal Audit Unit to prepare and submit the 2023 Risk-Based Internal Audit (RBIA) Work plan which he intimated is due on 31st January, 2023. Other outstanding reports that the Committee should look at, Dr. Osae said, include the Annual Performance Report due on 31st December, 2022.
In concluding, Dr. Osae spoke about the directive issued by the IAA on the payment of withholding tax deducted on behalf of GRA. He requested the Committee to also assist with the preparation of an Internal Audit Charter that resonates with world class internal audit practices. Â He advised the Committee to ensure internal audit reports are in conformity with the IPPF since the Government is currently ensuring compliance with the Framework.
Dr. Asare in her closing remarks, said she was looking forward to being commended by PAC and so entreated the new Committee to help make it a reality. She assured the Committee of Management’s support adding that a good auditor and Audit Committee is the best thing any CEO could have.
Members of the Committee are Mr. Rudolf Zimmermann (IAA Rep and Chairman of the Committee), Mr. Benjamin Anaman (IAA Rep), Mr. Eric Bright Davis (ICAG Rep), Mr. Edward Yaw Ofori-Kuragu and Mr. Prudence Attipoe (GEPA Board Reps).
