Thursday, November 14, 2024

THE AUDIT COMMITTEE OF GETFUND INAUGURATED

Mr. W.K. Offei-Mensah, Deputy Director-General in charge of Technical and Field Operations, inaugurated the Audit Committee of GETFUND on behalf of the Director-General, Dr. Eric Oduro Osae on 21st December, 2022.  The Administrator of the Fund, Dr. Richard Ampofo Boadu was in attendance.

Delivering the address on behalf of the Director-General, Mr. Offei-Mensah stated that the establishment of the Audit Committee is a key intervention under the PFM Act, 2016 to address risks and mitigate its impact on the development of the country. He touched on the formation and composition of the Committee. He mentioned that the roles and responsibilities of the Committee can be categorized into three which are mandatory, advisory and supporting.

The main mandatory role of the Committee according to Mr. Offei-Mensah is helping Management in the implementation of recommendations contained in Internal and External Audit Reports, Auditor-General’s Management Letter and directives from PAC of Parliament. The advisory roles include the provision of advice on the financial and risk management practices of GETFUND. He advised the Committee to help Management develop a risk policy if it did not already have one. The supporting roles include supporting the Internal Audit Unit (IAU) to prepare and submit quarterly internal audit reports. Failure to adhere has sanctions attached.

The Deputy Director-General concluded by saying the Audit Committee is very important in the governance of the institution and as such requires the support of Management and all key stakeholders. He added that the Committee is expected to work together with Management and all stakeholders of the Fund as partners in development towards accomplishing efficient management of public funds.

Members of the Committee are Dr. E.O. Osae (IAA Rep and Chairman of the Committee), Mr. Paul Kwasi Agyemang (IAA Rep), Madam Bernice Agudu (ICAG Rep), Madam Kokui Adu and Mr. Hayford are members of the GETFUND Board. Madam Naana Nsapah is the Secretary of the Committee.

 

 

 

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