A sensitization programme on the New 2023 Guidelines for Effective Audit Committees was organized at the Alisa Hotel on the 19th June, 2023.
The new Guidelines were issued by the Minister of Finance in June 2023 on the advice of the Internal Audit Agency to replace the obsolete one issued in 2007.
Dr. E.O Osae, Director-General of the Internal Audit Agency in his opening address stated that the issuance of the New Audit Committee Guidelines is to strengthen the Effective Functioning of Audit Committees in public institutions and added that the committees are to help their institutional heads resolve issues before the presence of External Auditors.
Dr. Osae also mentioned that the New Guidelines provided clarity on the composition of members, the procedure for the election of Chairpersons for Audit Committees as well as the roles and responsibilities of the Audit Committee.
The DG revealed that the Agency was currently working with the Ministry of Finance to issue a Tracking Tool for the Implementation of all Audit Recommendations. He added that the tool would enable all Audit Committees to report the extent of implementation of Audit Recommendations from Internal Audit Reports, External Audit Reports and Directives from the Public Accounts Committee (PAC) of Parliament.
He noted that a sensitization programme would be rolled out once the guidelines are signed by the Minister of Finance.
The Director-General in his closing remarks drew the attention of the participants to a number of ongoing initiatives being undertaken to strengthen internal control systems in public institutions. The initiatives were:
1. The adoption of the IPPF
2. The automation of public sector Internal Audit
3. The submission of Audit Committee reports with Ministerial endorsement
4. Reconfiguring the GIFMIS system to give access to Internal Auditors and
5. The compilation of two league tables to enhance accountability.
Dr. Osea thanked the MMDCEs and Coordinating Directors present and assured them of the continuous support from the Agency.
Mr. Dauda Hamballi a representative of the GIZ also shared a few words and
wished all a successful sensitization.
