The Director-General of the Internal Audit Agency, Dr E. O. Osae inaugurated the Audit Committee of the National Petroleum Authority on Wednesday, 5th March, 2025 at the Board room of the Authority.
In his opening address, the acting Chief Executive Officer (CEO), Mr. Godwin Edudzi Tamakloe, warmly welcomed all and highlighted the importance of Audit Committees. He said the purpose is to ensure that the core mandate of the Audit committee as outlined by the requirements of Public Financial Management (PFM) are effectively carried out.
Mr. Tamakloe said auditors should be viewed as close allies, as they are tasked with identifying potential risks and dangers, adding that, the Authority expects the Audit Committee to provide a candid audit review, offering a ‘brutal’ yet constructive assessment on issues that come up during their tenure.
The CEO informed the meeting that the NPA will rely heavily on auditors to act as their eyes and ears in identifying potential risks and dangers. He assured the committee of the full cooperation of management in providing the necessary resources to the internal audit team to maximize their effectiveness.
Addressing the meeting, Dr. Osae highlighted the three key roles of the Audit Committee as provided in the Public Financial Management Act, 2016 (Act 921) as mandatory, advisory and supporting.
He clarified the mandatory role as the ensuring the implementation of audit recommendations from internal audit report, external audit reports and directives from the Public Accounts Committee (PAC) of Parliament and the Public Interest and Accountability Committee (PIAC). The Director-General tasked the committee to ensure the submission of the 1st Quarter Internal Audit report due in April and Audit Committee Annual report due 30th June, 2025.  The Annual report he said goes to the Office of the President, Parliament, Auditor-General and the Agency.
On the advisory role, he highlighted the reputational and physical risk associated with the Authority. He tasked the Audit Committee to assist the Authority in implementing Enterprise Risk Management in its internal audit processes to mitigate risks.
He noted that currently the Authority is operating with an interim first quarter risk-based audit plan which was necessitated due to the budget in advance of appropriation. Dr. Osae stated that new guidelines would be issued after the budget is read which will guide the internal audit team to quickly revise their work plan providing a comprehensive work plan to support the Authority.  He listed a number of issues raised in the Authority’s 4th quarter, 2024 internal audit report that the committee should ensure are implemented before submitting the 1st quarter, 2025 internal audit report.
The Director-General extended his sincere appreciation to the Audit Committee members for their willingness to serve and encouraged management to give them the needed support.
In his concluding remarks, the Chief Executive thanked the outgone committee for their support promising a future recognition of their service. He encouraged the incoming committee to avail themselves to support the Authority and looked forward to an exciting working relationship.
The members of the Audit Committee are Mr. Peter Kingsford Osei-Sasu (Chairman and ICAG Rep), Mr. Sampson Asare Fianko (IAA Rep), Mrs. Patience Adjoa Austin (IAA Rep). Madam Hawa T. Ajei is the Secretary to the Audit Committee.
