Mr. Alhassan Fuseini on behalf of Dr. E.O. Osae, Director-General of the Agency, Dr E.O. Osae inaugurated the Audit Committee of the Cocoa Processing Company Limited on 11th July, 2024 at the Company’s Training Centre.
The Managing Director of the Cocoa Processing Company Limited, Hon. Kojo Ofori-Safo in his opening address welcomed all to the inauguration. He stated that the Public Financial Management Act stipulates that entities like Cocoa Processing Company Limited should have an Audit Committee to help steer the affairs of the Company. He further noted the mandatory term of the Committee and added that the reason for the meeting is to hand over from a previous committee to a new committee. He commended the work of the outgoing Committee and urged the incoming Committee to do better. Hon. Ofori-Safo pledged support of Management to the Committee.
Mr. Alhassan after swearing-in the members of the Committee, read the address of the Director-General. He extended the apologies of the Director-General and shared on the three roles of the Committee as Mandatory, Advisory and Supporting.
Clarifying the Mandatory role, the Committee was informed of their responsibility in ensuring that audit recommendations from Internal Audit reports, External Audit reports, recommendations from the Public Accounts Committee (PAC) of Parliament and Monitoring reports of the Company if any are implemented.
The Committee, Mr. Alhassan said is also mandated to submit an Annual report on their work to the Office of the President, Parliament, Auditor-General and the Agency indicating the recommendations reviewed and implemented.
Speaking on the advisory role, he tasked members to bring their expertise to bare and ensure internal controls and governance processes are adhered to. Mr. Alhassan also encouraged members of the Committee to ensure compliance with laws, regulations and policies to achieve effective management of public funds.
Concluding his address, Mr. Alhassan congratulated and thanked the members of the outgoing Committee for their hard work and tasked the new Committee to support the Internal Audit Unit and ensure that the Unit gets Management support in the delivery of its mandate. He urged Management to give the Committee the needed support and wished them well.
The Outgoing Committee Chairman, Mr. Senanu Mensah in his closing remarks thanked Management and the Board representatives on the Committee for the support. He urged the new committee to follow the dictates of the PFM Act, work with Management and guide Management to effectively achieve its mandate.
On behalf of the Board, Management and Staff, the Managing Director congratulated the new Audit Committee members and thanked the outgoing Committee for the good work done.
Members of the Audit Committee are Mr. Kena Ofori-Atta (Chairman and ICAG Rep), Mr. Patric Nyarko (IAA Rep), Ms. Pamela Osei Agyekum (IAA Rep). Mrs. Philomina Okyere and Mr. Theodore Tackey are Board representatives of the Cocoa Processing Company. Ms. Genevive Pawar is the Secretary to the Committee.