The Internal Audit Agency (IAA) is collaborating with the various Regional Coordinating Councils (RCC) to undertake a mass inauguration of new audit committees for all RCCs and MMDAs across the country.
The event will take place from 6th-13th June 2022 at the respective RCCs.
“Honourable Regional Ministers and Metropolitan, Municipal and District Chief Executives (MMDCEs) are encouraged to support the process for improved Financial Governance of the RCCs and MMDAs.”
IAA in a statement cautioned that, it is an offence under Section 98(1d) of the PFM Act 2016 (Act 921) for a Local Government Authority (RCC or MMDA) or a Covered Entity to operate without a properly constituted Audit Committee.
“The IAA entreats all land sundry especially, internal auditors across the country to support the inauguration for improved governance and effective use of public funds.”
Sections 86-88 of Public Financial Management Act 2016(Act 921) requires Covered Entities including Metropolitan, Municipal and District Assemblies (MMDAs) and Regional Coordinating Councils (RCCs) to have Audit Committees to support them implement and adhere to sound financial controls and systems in the use of public funds.
The IAA however noted that most MMDAs and RCCs are currently functioning without properly constituted Audit Committees (due to expiration of tenure after exhausting the two-term mandatory period provided for by the PFM Act).
It said considering the important corruption prevention role of Audit Committees established under Sections 86-88 of the PFM Act 2016(Act 921) in the financial governance of RCCs and MMDAs including pursuing Management to implement recommendations and producing annual status of implementation report on reccommendation contained in the following;
a) An internal audit report;
b) Parliament’s decision on the Auditor-General’s report;
c) Auditor-General’s Management Letter; and
d) The report of the internal monitoring unit (D/MPCU or RPCU)
particularly, in relation to financial matters raised.
The IAA ,established by the Internal Audit Agency Act, 2003(Act 658) is mandated under the Guidelines for Effective Functioning of Audit Committees(2017) issued by the Minister for Finance to ensure that Covered Entities have functioning Audit Committees.
Find below the schedule for the mass inauguration of Audit Committees
The post IAA undertakes mass inauguration of new audit committees of RCCs, MMDAs appeared first on Citinewsroom – Comprehensive News in Ghana.