The Audit Committee of the Fisheries Commission was on 6th September, 2022, inaugurated by the Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae. The Executive Director of the Commission, Mr. Fred Kwesi Antwi-Buadu chaired the event. In his welcome address, he stressed on the importance of the Audit Committee to the operations of the institution, the absence of which can lead to numerous challenges.
Dr. Osae in his address, congratulated the new Committee and mentioned that the Audit Committee is a statutory institution which explains why it is chaired by an independent member and not a Board member. He continued that under its statutory mandate, the Audit Committee is required to perform high level technical functions namely mandatory, advisory and supporting functions. Under its mandatory functions, the Director-General explained that the Committee should pursue leadership to implement audit recommendations form Internal and External Audit Reports and any Monitoring report that emanates from the operations of the Commission. He stated that the only infraction for which the Commission was named in the Auditor-General’s Report was the non-deduction of monies that were advanced to staff. He tasked the Committee to as a matter of urgency help resolve the audit observation. The Audit Committee is also required to annually produce a report on its activities which has a wide circulation. He charged members to attend Entry and Exit meetings of External Auditors to apprise themselves with issues and help resolve them.
On its advisory functions, Dr. Osae said the Committee should advise Management on compliance with requirements of the Public Financial Management Act. He entreated the Committee not to overly stress on financial but also performance audit management which is qualitative in nature. The Director-General stated that the Committee is to also assist in mainstreaming enterprise risk management in the operations of the institution as public institutions are currently moving away from pre-auditing to that of risk-based. He charged members to help Management develop a Risk Management Policy if the Commission did not already have one. He added that this will help in the pre-emption of risks so that the appropriate advice could be given to prevent Management from falling into avoidable pitfalls. He offered the assistance of the Agency’s Enterprise Risk Management team if required.
The supporting functions of the Audit Committee according to Dr. Osae include assisting the Internal Audit Unit to prepare and timely submit Risk-Based Internal Audit (RBIA) Plan and quarterly internal audit reports. He intimated that presently, the Agency is not only naming and shaming institutions for non-compliance with submission of required plans and reports but also applying the sanctions regime. He mentioned the Electronic Salary Validation Voucher (ESPV) assignment that the Agency was supporting the government to undertake. He said the first point of call of the validation is the Internal Auditors in the various institutions after which the Agency carries out a second validation. He hinted that Internal Auditors who validate wrongfully would be liable to a five-year jail term. He informed the meeting that the institution is required to submit a monthly payroll report to the Agency by the 15th of every month. He concluded by calling on members to see their membership on the Commission’s Audit Committee as their modest contribution to the development of Ghana.
Mr. Antwi-Buado in his closing remarks, thanked the Director-General and the past Committee for a good work done. He implored members to work in such a way that they can stand with their chest out that they have given off their best.
Members of the Committee are Dr. George Baah-Danquah (ICAG Rep and Chairman of the Committee), Ms. Amanda Akatse (IAA Rep), Madam Rita Sarkodie Baffoe (IAA Rep), Mr. Kofi Asumadu-Apenteng and Madam Lydia Essuah (Reps from the Fisheries Commission’s Board). Madam Sheila Ewurasi Letsa is the Secretary of the Committee.
