Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency (IAA), inaugurated the Audit Committee of the Volta Lake Transport Company (VLTC) on 26th January, 2023.
Mr. Emmanuel Antwi-Darkwa, Chief Executive Officer of the Volta River Authority (VRA) and Chairman of the VLTC Board in his opening remarks, mentioned that the Audit Committee is an important structure in the governance of the Company. He revealed that the governance of VLTC has greatly improved due to the diligence of the previous Committee. He assured the new Committee of Management’s support to its work as VLTC could excel only when the Committee is functional.
In his address, the Director-General stated that the Audit Committee is a Statutory Committee provided under the PFM Act, 2016. He said the Committee is not to take over management of the Company but rather, support Management to deliver on its mandate. He enumerated the statutory roles of the Audit Committee as mandatory, advisory and supporting. The mandatory roles of the Committee, Dr. Osae shared, include supporting Management in the implementation of recommendations contained in Internal and External Audit Reports a well as those emanating from Monitoring Reports. The Committee he continued, is also required to annually submit a report indicating reports received, extent of the implementation of recommendations, value added and the challenges encountered. This report he said, is circulated to the Office of the President, PAC of Parliament, Auditor-General and the IAA.
On the advisory roles, Dr. Osae mentioned that public institutions are required to institutionalize risk management in their operations and as such, the Committee should assist Management to develop a risk management policy in the event there was none. He added that the Committee should assist Management to operationalize the institution’s risk policy if it was available. The supporting roles of the Committee according to the Director-General, include assisting the Internal Audit Unit in the preparation and submission of required reports. He tasked the Committee to quality assure reports as per the Rights to Information (RTI) Act, anyone could request for a copy of these reports. He mentioned that submission of the 4th Quarter Internal Audit Report and the RBIA Work plan are due on 31st January, 2023.
Dr. Osae in concluding, charged the Committee to ensure the implementation of the Fiscal Consolidation Measures as per the government directive. He also entreated the Committee to develop a working relationship with the parent institution and assured the Agency’s support to the work of the Committee should it be required.
Members of the Committee are Mr. Fiifi Kwakye (IAA Rep and Chairman of the Committee), Mr. William Kofi Offei-Mensah (IAA Rep), Madam Christina Tachie (ICAG Rep), Messiers Emmanuel Ofosu Offei and Richard O. Okrah are representatives of the VLTC Board.