The Director-General of the Internal Audit Agency, Dr. Oduro Osae inaugurated the Audit Committee of the Ghana Infrastructure Investment Fund on 26th April, 2023. The Deputy Chief Executive Officer, Mrs. Catherine Kakra Quaidoo chaired the event on behalf of the Chief Executive Officer, Mr. Solomon Asamoah.
In his address, the Director- General explained the functions of the Audit Committee as provided in the Public Financial Management Act, 2016 (Act 921). He highlighted three key roles, mandatory, advisory and supporting. He stated that the mandatory role required the Audit Committee to support Management to set up effective and efficient internal controls and implement recommendations from the Public Accounts Committee of Parliament.
On the advisory role, Dr. Osae highlighted the need for the Audit Committee to assist Management implement Enterprise Risk Management in its operations to mitigate risks. The Committee is required to also provide advice on sound, transparent and reliable financial management practices and ensure that risk management processes are comprehensive and ongoing. It is to also help in the achievement of an organization-wide commitment to strong and effective internal controls and review corporate policies relating to compliance with laws and regulations. On the supporting role, he entreated the Audit Committee to assist Management in delivering on its mandate. He encouraged the Audit Committee to establish a working relationship with the Ministry of Finance to ensure the Minister is informed on the activities of the Fund.
Members of the Audit Committee are Mr. Fiifi Kwakye (IAA Rep. and Chairman), Mr. Joshua Magnus Nicol (IAA Rep.), Mr. Daniel Adonu (ICAG Rep.), Mrs. Nana Afua Ababio and Hon. Collins Adomako-Mensah are Board representatives of GIIF. Mrs. Harriet Abban is the Secretary of the Committee.
