The Audit Committee of the Centre for Scientific and Industrial Research (CSIR) was on 9th March, 2023 inaugurated by Mr. Hayford Dowuona-Hammond on behalf of the Director-General of the Internal Audit Agency (IAA), Dr. Eric Oduro Osae.
Prof Paul Bosu, Director-General of CSIR who chaired the event said in his opening remarks that, the institution uses science and technology to create wealth for Ghanaians through innovation. He continued that auditing of resources is vital, hence, the need for the establishment of the Audit Committee. Prof Bosu mentioned that internal auditing is not only the eyes and ears but also the nose, touch and feel of an organisation and expressed his gratitude for the support CSIR has enjoyed from the IAA over the years. He revealed that the goal of Management is to avoid the institution’s appearance before PAC and entreated the Committee to help keep CSIR’s books clean.
Delivering Dr. Osae’s speech, Mr. Dowuona-Hammond said the Audit Committee is a Statutory Committee established under the Public Financial Management Act, 2016 (Act 921) and its roles which are mandatory, advisory and supporting are provided under Section 86 (1) of the PFM Act. He mentioned that the mandatory roles include pursuing Management to implement recommendations in quarterly internal audit reports, monitoring reports and external audit reports and directives from PAC. The Committee is also required to prepare and submit an annual report including the annual statement of status of implementation.
The advisory roles of the Committee, Mr. Dowuona-Hammond mentioned, include the provision of advice to Management on financial and risk management practices, internal control and governance processes and compliance with laws, regulations and policies. On the supporting roles, he stated that the Committee is required to assist staff of the Internal Audit Unit in the preparation and submission of required reports.
In concluding, Mr. Dowuona-Hammond stated that the Audit Committee is very important in the governance of CSIR and as such, requires the support of Management and all key stakeholders to execute their mandate. Prof Bosu thanked the past Committee for their immense contribution to the achievement of the goals of the institution and pledged Management’s support to the work of the new Committee.
Members of the Committee are Mr. Kwadwo Otu-Ansah (IAA Rep and Chairman of the Committee), Mr. K. Bosompem-Mensa (ICAG Rep), Mrs. Josephine Opoku-Agyemang (IAA Rep), Nana Dr. Michael Agyekum Addo and Prof Daniel A. Ofori are representatives of the CSIR Council. Mr. Daniel Martey Laryea is the Secretary of the Committee.
