The Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae inaugurated the Audit Committee of Minerals Income Investment Fund on Thursday, February 29, 2024 at their Board room.
In his opening remarks, the CEO of Minerals Income Investment Fund Mr. Edward Nana Yaw Koranteng warmly welcomed all to the inauguration. He acknowledged the importance of Audit Committees and assured members of the support of Management.
In addressing the forum, Dr. Osae highlighted the three key functions of the Audit Committee as provided for in the Public Financial Management Act, 2016 (Act 921) as mandatory, advisory and supporting.
He explained that the mandatory role required the Audit Committee to support the institution to set up effective and efficient internal controls. He added that the Committee is required to submit an Annual report to the Office of the President, Parliament, the Auditor-General and the Director-General of the Internal Audit Agency. He noted that the reports should be endorsed by the Sector Ministers.
On the advisory role, he highlighted the preventive role of Internal Auditing and the need for the Audit Committee to assist the institution in implementing Enterprise.
Risk Management (ERM) in its internal audit processes in a bid to mitigate risks. He added that MIIF is exposed to a lot of risks which grants the Audit committee members to help curb issues arising from external auditors. In furtherance of the supporting role, he pleaded with the Audit Committee to aid the institution in delivering on its mandate.
The Director-General also encouraged the Audit Committee and Management of MIIF to make use of the Audit Report Implementation and Follow-Up Instructions and Audit Committee Guidelines which were issued by the Ministry of Finance.
Mr. John Fiame-Coblavie the Audit Committee Chairman, expressed his gratitude to the Director-Generals of IAA and the MIIF, promising the Committee’s willingness to work with the institution to fulfill its mandate and meet all the requirements of the Public Financial Management Act,2016 (Act 921).
The inauguration was concluded with remarks from the heads of both institutions.
Members of the Audit Committee are Mr. John Fiame-Coblavie (Chairman and ICAG Rep.), Mrs. Christiana Sakyibea Dei (IAA Rep.). Mr. Emmanuel Nii- Noi Dowuona (IAA Rep). Madam Felicia Ashley is a Board representative of the Minerals Income Investment Fund.
