Mr. Alhassan Fuseini on 2nd August, 2023 inaugurated the Audit Committee of the Coastal Development Authority on behalf of Dr. E.O. Osae, Director-General of the Agency.
The Chief Executive Officer Mr. Jerry Shaib chaired the programme. He welcomed all to the inauguration and thanked the Internal Audit Agency and the Institute of Chartered Accountants Ghana for the nominations to the Committee.
Mr. Shaib enumerated a number of challenges being faced by the Authority and called for the Agency’s support in addressing them.
Mr. Fuseini in his address shared the three (3) roles of the Audit Committee as being Mandatory, Advisory and Supporting. He informed members that they are required as their mandatory role to ensure the implementation of recommendations made in External Audit reports, Internal Audit reports, Monitoring reports and decisions from the Public Account Committee (PAC) of Parliament, prepare and submit its annual report including an annual statement of the status of implementation endorsed by the sector minister to the required stakeholders.
He added that the Committee also had an advisory role to play. They are to advise Management on issues relating to Financial Management, Risk Management Practice, Internal Control and Governance Processes and Compliance with Laws, Regulations, and Policies. The Committee again is to support the work of the Internal Audit Unit in the delivery of its mandate.
Mr. Fuseini in his closing remarks noted that, the Audit Committee is a high-level corporate governance committee that contributes to the effectiveness of public accountability and the appropriate use of public resources. He added that the inauguration of the Authority’s Audit Committee is to fulfill the responsibilities imposed on them under Section 86 (1) of the PFM Act, the Public Financial Management Regulations, 2019 (L.I. 2378), the Public Procurement Act, 2003 (Act 663) as amended, the Guidelines for Effective Functioning of Audit Committees and other applicable financial laws.
Mr. Alhassan Fuseini shared a number of contemporary issues at the Agency and urged Management to support the Committee in the delivery of its mandate.
Members of the Audit Committee are Mr. Kwame Boakye (Chairman and IAA Rep), Mr. Abraham Arkor (IAA Rep), Mr. Desmond Aboagye (ICAG Rep). Mr John K. Mensah Mawutor and Madam Elizabeth Fanny Wilkinson Mills are representatives of CODA.
