The Audit Committee of the Minerals Income Investment Fund (MIIF) was on 5th June, 2025 inaugurated in line with the requirements of the Public Financial Management (PFM) Act 2016, (Act 921). Chairing the event was the Chief Executive Officer of the Fund, Mrs. Justina Nelson. Mr. Thomas Ashaley Thompson-Aryee, Acting Director-General of the Internal Audit Agency (IAA) inaugurated the Committee.
Mr. Thompson-Aryee delivering his speech, said the Audit Committee is a high level corporate governance committee contributing to the effectiveness of public accountability and the appropriate use of public resources. He continued that the Audit Committee of MIIF was being inaugurated to fulfil responsibilities imposed by the PFM Act, Public Financial Management Regulations (PFMR), Public Procurement Act (PPA), 2003 (Act 663), Guidelines for Effective Functioning of Audit Committees and other applicable financial laws.
The Acting Director-General outlined the statutory roles of the Committee as mandatory, advisory and supporting. Enumerating on the mandatory roles, he said the Audit Committee is required to pursue Management to implement recommendations in Internal Audit Reports.
Speaking on the advisory roles of the Committee, Mr. Thompson-Aryee mentioned that members of the Audit Committee are expected to provide assurance services to Management on financial management, risk management practices, internal control and governance processes and compliance with laws, regulations and policies.
The supporting role of the Audit Committee, Mr. Thompson-Aryee explained is to provide assistance to the Management and Internal Audit Unit (IAU) of MIIF. In this regard, he urged members to familiarize themselves with the PFM Act and other applicable laws. He concluded by saying that the Audit Committee is important in the governance of MIIF and as such, requires the backing of Management and other stakeholders.
Mrs. Justina Nelson in her closing remarks affirmed the significance of the Committee and pledged Management’s support to its mandate. She took the opportunity to also thank members of the past Committee for their invaluable contribution to the Fund.
