Dr. Eric Oduro Osae, the Director-General of the Internal Audit Agency, inaugurated the Audit Committee of the National Pensions Regulatory Authority on Tuesday, June 25, 2024, in their Board Room. The meeting was presided over by the Board Chairman, Mr. Paul Simon Koranteng.
In his opening remarks, Mr. Koranteng warmly welcomed the committee members and highlighted the crucial role of audit committees. He appreciated the management’s ongoing support for the audit committee and expressed his strong interest in the institution’s performance. He also mentioned that one of the committee members had retired, necessitating the reconstitution of the committee.
In addressing the forum, the Director-General of the Internal Audit Agency outlined the three main functions of the Audit Committee as defined by the Public Financial Management Act, 2016 (Act 921): mandatory, advisory, and supporting roles.
He explained that the mandatory role involves helping the institution set up strong internal controls to ensure efficiency and effectiveness. Additionally, the committee must submit an Annual Report as mandated by the PFM Act, 2016, to the Office of the President, Parliament, the Auditor-General and the Internal Audit Agency, with approval from its Sector Ministry. Dr. Osae noted that since the NPRA is a regulatory body, he expects full compliance with the laws.
On the advisory role, he stressed the importance of preventing problems through internal auditing and assisting the institution in implementing Enterprise Risk Management to reduce risks.
Lastly, he highlighted the importance of supporting management in achieving its goals.
The Director-General thanked the Audit Committee members for their willingness to serve. He requested that they complete a conflict check and fill out the conflict-of-interest form. After administering and signing the oath of secrecy, he mentioned that the committee’s term is two years, renewable for a maximum of four years.
The Audit Committee Chairman, Mr. Robert Kwaw Ewur, thanked the committee and emphasized that collaboration between the IAA, NPRA management, and the Audit Committee members is essential for achieving significant progress in corporate governance.
Members of the Audit Committee are Mr. Robert Kow Ewur, Mr. Joseph Nii Noi Adumuah, Mr. Joseph Nii Noi Adumuah, Mr. Yaw Boahene Adjei, Mr. John Kwasi Adjei and Rev. Daniel Ogbarmey Tetteh. Cynthia Tetteh is the Secretary to the Committee.
