The 2024 edition of the Annual Internal Audit Conference of the Internal Audit Agency was held on the 21st and 22nd August at the Kofi Kunadu Auditorium, University of Professional Studies, Accra (UPSA).
The Conference themed “Consolidating Democratic and Accountable Governance in Ghana: Role of Internal Auditors” was chaired by Prof. Olivia Adwoa Tiwaah Kwapong (Dean, School of Continuing and Distance Education, College of Education, University of Ghana).
In her opening address, Prof. Olivia Kwapong expressed her gratitude to be called on to chair the Conference. Sharing her perspectives she noted the value of the office of the Internal Auditor and the value additions she has chalked with her experience and interactions with Auditors. She mentioned the benefits she has gained through guidance and assurance services and pursuance of control measures provided by Auditors to improve services.
Prof. Kwapong noted that in her opinion any decent professional would gladly hold hands with Internal Auditors for effective operations. She added that informal structures in our country makes it challenging to effect various controls and difficult to adhere and comply to them. Stating the challenges that come with the Public Financial Management Act and the need to take risk to be able to achieve one’s mandate, Prof Kwapong called on all to come out with customized structures, such as procurement modules and practices to strengthen informal marketing as well as local marketing and supply processes that leverage on our informal structures in seeking to consolidate democratic and accountable governance.
She called on the prominence of human integrity and personal ethics in all to build good values to be able to achieve consolidated democratic and accountable governance.
Dr. E. O. Osae, Director-General of the Agency in his welcome address congratulated all for the work done in the past auditing year. He said that Internal Auditors continue to be the backbone of good financial governance in the country and that in consolidating democracy, the work of Auditors cannot be done underestimated.
He called for an applause for Internal Auditors as work done by them in the past year has held the system in check. Dr. Osae mentioned a significant reduction of irregularities by 30%, translating to a saving of over Five (5) billion Ghana Cedis which otherwise would have ended in people’s pockets.
Dr. Osae noted that the possibility of this achievement was as a result of support from key Stakeholders and Development Partners. He mentioned the support of the World Bank in automating Public Sector Internal Audit practice and mainstreaming Enterprise Risk Management (ERM) in public sector systems. The European Union (EU) he said, is also working with the Agency in ensuring compliance with the financial management systems in public institutions.
He shared on the National adoption of the New Global Internal Audit Standards and mentioned the development of a national adoption roadmap of the standards in collaboration with Institute of Internal Auditors (IIA) and Institute of Chartered Accountants, Ghana (ICAG) to meet the first reporting timeline of 2025. The Director-General also shared on support to key stakeholders and the massive reductions in irregularities especially in the SOEs.
Dr. Osae spoke on the new office acquisition by the Agency and the establishment of over 90% of Audit Committees, Fees and Charges Bill to mention a few.
In concluding his address, he charged Internal Auditors to lead by example, demonstrate unwavering dedication to transparency and accountability. He called on them to be apolitical in this election year and ensure professionalism.
His Lordship Barima Yaw Kodie Oppong, Justice of the Court of Appeal, Director of Legal Education and Director of Ghana School of Law, Accra, was the Guest of Honour at the Conference.
Addressing the Conference, he said he was elated to be called upon as Guest of Honour as the platform is one of the prestigious to be invited to. He lauded the great strides of the Agency’s Board and its dynamic Director-General.
Justice Barima Yaw Kodie Opong alluded to the conference theme “Consolidating Democratic and Accountable Governance in Ghana: Role of Internal Auditors” as befitting as democracy share several striking qualities, values and characteristic with the auditing profession. He highlighted the value of listening, tolerance and speaking in the profession.
Justice Kodie noted that the procedure for something is to be done is as important as its outcome, He reiterated on the need to hear and be head in the auditing profession. He shared several illustrations on auditing procedures in relation to democracy and independence. He addressed the need for commendation and not just condemnation in the audit practice.
The guest of honour noted the need for financial independence for the Internal Auditor not only in remuneration but also in the provision of a clean environment and effective tools for work performance.
He prayed the Bill which is far advance in the law-making process is passed and proposed that Internal Auditors be given a percentage of monies saved for the state as a result of their work.
The Appeal Court Judge encouraged participants to break the glass ceiling and take up emerging areas of human endeavor that are of national importance and called on Management to ensure prompt implementation of audit recommendations’
The two-day Conference was graced with facilitators who elaborated extensively on the conference theme. The conference concluded with an award ceremony recognizing the work of outstanding Auditors, Audit committees and institutions.
