The Internal Audit Agency (IAA) in collaboration with the Eastern Regional Coordinating Council (ERCC) undertook a mass inauguration of newly constituted Audit Committees for eight (8) selected institutions within the region on the 5th July 2023 at the Conference Hall of the Eastern Regional Coordinating Council in Koforidua.
Madam Stella Panwum, Head of Administration at the RCC gave the welcome address on behalf of the Regional Minister. In her address, she welcomed all participants to the inauguration and thanked the Internal Audit Agency and the organizers for their effort to inaugurate the Audit Committees in the region. She said Audit Committees are an important part of the governance structure of public institutions and as foundation of good governance, Audit Committees are positioned to provide assessment of whether or not scarce resources are responsibly and effectively managed by public institutions for the development of the country.
She also entreated management of the various public service institutions to provide adequate support to the Audit Committees to enable them function effectively and effectively. Madam Panwum on stressed the need to strengthen Internal Audit Units so that they can help resolve most of the infractions before External Auditors come to do their work.
Mr. Samuel Gyekye-Mensah, a Deputy Director of the Agency, swore in members of the Committee on behalf of Dr. E.O Osae, the Director-General. In his address, he highlighted the composition and the functions of the Audit Committee as stated under section 86 – 88 of the PFM Act and explained the roles of the Audit Committee as Mandatory, Advisory and Supporting.
Mr. Gyekye-Mensah also gave an orientation to the newly sworn-in Audit Committee members on the 2023 Guidelines for Effective Functioning of Audit Committees. Members were appreciative of the powers, authority and responsibilities of the Audit Committee as stipulated in the PFM Act 2016, Act 921. The Committee members were introduced to how to conduct effective audit committee meetings and were given some guidance to ensure they remain professional and objective in the conduct of their activities.
