The Audit Committee of the State Housing Company (SHC) Limited was on 16th November, 2022 inaugurated by Dr. E.O. Osae, Director-General of the Internal Audit Agency (IAA). The event was chaired by the Deputy Managing Director, Madam Sherifa Sekyere Tijani on behalf of the Managing Director, Mr. Kwabena A. Appiah, who was away on an important national assignment. She thanked the past Committee for the diligence with which it performed its functions and the tremendous contribution it made to the attainment of the mandate of the institution. She welcomed the new Committee and said it was her belief it would continue where the past Committee left off.
Members of the Committee are Madam Stella Acheampong (IAA Rep and Chairperson), Mr. Benjamin Adjetey (IAA Rep), Mrs. M.N.A. Offei-Koranteng (ICAG Rep), Dr. Maame Adwoa Gyekye-Jandoh and Mr. Tweneboah Kodua Fokuo (SHC Board Reps). Madam Gifty Ofori is the Secretary of the Committee.
Dr. Osae in delivering his speech stated that the Audit Committee is a statutory Committee provided for under the PFM Act which explains why it is chaired by an independent member and not a member of the SHC Board. He spelt out the obligatory roles of the Committee as mandatory, advisory and supporting. According to the Director-General, the mandatory roles include supporting Management to implement recommendations from Internal and External Audit Reports, directives from Parliament and any monitoring reports generated by the Company.
Another critical mandatory role of the Committee is the preparation and submission of an annual report on its activities. He explained that the annual report should indicate all reports reviewed during the year and how the Committee has supported Management in the implementation of audit recommendations. He continued that a copy of the report is sent to Parliament which in the case of serious infractions, invites the institution to appear before it for questioning. Copies are also sent to the Office of the President, the Auditor-General and the Director-General of the IAA.
The advisory role of the Committee, according to Dr. Osae include members of the Committee putting their expertise at the disposal of the institution especially as public sector internal auditing is moving away from conventional pre-auditing to a risk-based one. He added that as a Company, the institution is required to comply with highest standards such as the IFRS, PFM Act and the IPPF in order to benchmark against international standards. He tasked the Committee to assist Management to put in place appropriate risk management practices such as an enterprise risk management policy if none is in existence. He continued that if the institution on the other hand already has one, the Committee should help in shaping it to suit its operations.
The supporting roles of the Committee as outlined by Dr. Osae include members assisting the Internal Audit Unit (IAU) in the preparation and submission of the Risk-Based Internal Audit Work plan due on 31st January, 2023. He mentioned the Internal Audit Progress Report due on 31st December, 2022 which the Committee should assist in its preparation and submission. He mentioned the directive issued by the IAA on the payment of withholding tax by tax agents who deduct taxes on behalf of the GRA. He also mentioned the publication of the Defaulters’ List by the IAA for non-submission of the 3rd Quarter Internal Audit Report. Dr. Osae intimated that defaulters have been given up to 30th November, 2022 to submit the reports or be subjected to corresponding sanctions. The Committee was advised to develop a working relationship with the Audit Committee of the parent Ministry and also with the SHC Board. Members were tasked to make themselves available for the entrance and exit meetings of external auditors in order to have first-hand information on audit issues identified and to help in their resolution.
In her closing remarks, Madam Tijani thanked the past Committee and welcomed the new. She assured the cooperation of Management to the work of the Committee.
