THE AUDIT COMMITTEE OF THE VENTURE CAPITAL TRUST FUND INAUGURATED

The Director-General of the Internal Audit Agency, Dr. E. O. Osae inaugurated the Audit Committee of the Venture Capital Trust Fund on 23rd February, 2023. The Chief Executive Officer of the Fund, Mr. Yaw Owusu-Brempong chaired the event. 

Members of the Committee are Mr. Ebenezer Kwadwo Omari Miereku (IAA Rep and Chairman), Mr. Anthony Baidoo (IAA Rep), Mr. Joseph Yeedi Sampamg. Mr. Antonio Kessieh and Dina Quashie are Board representative. and secretary to the committee respectively.

Dr. Osae in his address, cautioned members of the Committee that their role is not to take over the management of the Fund but to provide assurance and advisory services to support leadership deliver on its mandate. He enumerated the three main roles of the Committee as mandatory, advisory and supporting.

The mandatory role he said, is to support Management implement routine recommendations that come from Internal and External Audit reports and Management letter of the Auditor-General so Management would on a quarterly basis, know where control weaknesses exist and find ways of resolving them. As a Statutory Committee, members are also to prepare and submit an annual report. On the advisory role, the Committee is to ensure that laws are complied with and that its expertise is put at the disposal of the Fund to ensure irregularities are reduced to the minimum.

On the supporting role, the Committee is to support the Internal Auditor develop a Risk-Based Internal Audit Plan and submit quarterly reports. Dr. Osae advised that members should be given an orientation to better prepare them to perform their functions effectively. He also encouraged them to develop a working relationship with the Board and Mother Ministry in order to abreast with issues in the organisation. Dr. Osae assured the support of the Agency.

 The Board Chairman of the Fund, Mr. K. S. Yamoah in his closing remarks noted the need for transparency integrity, ethics and good governance and tasked members to be compliant with the law in the performance of their duties. Mr. Yamoah reiterated the roles of the Committee and noted the need to have them incorporated into the Committee’s Terms of Reference.