The Audit Committee of the District Assemblies’ Common Fund (DACF) was inaugurated by the Director-General of the Agency, Dr. E.O. Osae on 22nd November 2022.
The Administrator of the Fund, Hon. Irene Naa Torshie Addo in her opening remarks said it has been interesting working with the past Committee and hinted that she was looking forward to the new Committee continuing the good work so Ghana will be the winner in the end.
Delivering his speech, Dr. Osae stated that the Audit Committee is a High-Level Committee which is not to take over management of DACF but to support the institution in discharging its statutory obligation. He outlined the three statutory roles of the Committee as mandatory, advisory and supporting. Included in the mandatory role of the Committee is the pursuance of Management to implement recommendations from Internal and External Audit Reports. He stressed that gone are the days when auditors were seen as policemen. He revealed that currently, public sector institutions are moving away from pre-auditing to Risk- Based Internal Audit (RBIA) to enable the anticipation of risks and the adoption of appropriate measures to mitigate them.
Dr. Osae mentioned that the advisory role of the Committee includes members putting their expertise at the disposal of the Fund. The Committee should provide advisory and assurance services on sound financial and risk management practices. On the supporting role, the Committee should assist the Internal Auditor in the preparation and submission of required reports. He shared on reports which are due such as the Annual Internal Audit Performance and 4th Quarter Internal Audit Reports due on 31st December, 2022.
Members of the Committee are Dr. Edward Kwapong (IAA Rep and Chairman), Mr.Kwabena Hemeng Ntiamoah (IAA Rep), Madam Eugenia Bulley (ICAG Rep), Messiers Ransford Ayensu and Samuel A. Aidoo are representatives from DACF.
