{"id":1121781,"date":"2022-06-14T14:58:15","date_gmt":"2022-06-14T14:58:15","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/06\/14\/internal-audit-committees-must-ensure-prudent-financial-management-marigold\/"},"modified":"2022-06-14T14:58:15","modified_gmt":"2022-06-14T14:58:15","slug":"internal-audit-committees-must-ensure-prudent-financial-management-marigold","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/06\/14\/internal-audit-committees-must-ensure-prudent-financial-management-marigold\/","title":{"rendered":"Internal Audit Committees must ensure prudent financial management\u2014Marigold"},"content":{"rendered":"

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\n Cape Coast, June 14, GNA – Internal Audit Committees (IAC) for the 22 Metropolitan, Municipal and District Assemblies (MMDAs) in the Central Region have been inaugurated with a call on them to ensure prudent and efficient financial management processes.<\/p>\n
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They are also to ensure diligent financial efficiency and reduce financial risk management to give strong assurance of good administrative governance to accelerate development.<\/div>\n
Mr Kingsley Agyei-Boahene, the Chief Director at the Central Regional Coordinating Council (RCC), inaugurated the Committees and read a speech on behalf of the Central Regional Minister in Cape Coast.<\/div>\n
The formation of the committees is in line with Section 86 of the Public Financial Management Act 2016 (Act 921), which orders all government institutions\/agencies to create Audit Committees.<\/div>\n
The Committees are made up of five members drawn from the various Assemblies, including one nominated by the Internal Audit Association (IAA).<\/div>\n
Others are; two external independent auditors appointed by the Institute of Chartered Accountant -Ghana (ICA-G) and two principal account holders.<\/div>\n
The IAC is a high-powered corporate governance committee, which adds to the effectiveness of public accountability and efficient use of state resources.<\/div>\n
Mrs Assan urged the Committee members to be abreast with the relevant laws and bring their professional knowledge and expertise to impact positively on their work to enhance development.<\/div>\n
She noted that the implementation of the Audit recommendations had become a huge national challenge, considering the many adverse audit findings, which implicated some committee members.<\/div>\n
\u201cA cursory look at the issues at the Public Accounts Committee’s sittings suggested that if Assemblies had effective and efficient Audit Committees such financial malfeasance would have been curtailed.<\/div>\n
\u201cFor that matter, I encourage all Audit Committees members to give off their optimum services in the discharge of their duties to reflect and preserve the enviable image of the noble profession\u201d, she advised.<\/div>\n
She gave the assurance that the Regional Coordinating Council will support and cooperate with them to help carry out their duties efficiently.<\/div>\n
Mr Benjamin Adjetey, Director, Technical, Research, Monitoring and Evaluation of the Audit Service, who administered the oath, told Committee members to dedicate themselves to their core mandate and advisors and support the Internal Audit Units as well as other monitoring units for external scrutiny.<\/div>\n
The Committees are expected to work in tandem with management and stakeholders in development towards accomplishing efficient management of public funds.<\/div>\n
“The Audit Committee is important in the governance of your institutions and retires the support of management to execute their mandate,\u201d he added.<\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Cape Coast, June 14, GNA – Internal Audit Committees (IAC) for the 22 Metropolitan, Municipal and District Assemblies (MMDAs) in the Central Region have been inaugurated with a call on them to ensure prudent and efficient financial management processes. They are also to ensure diligent financial efficiency and reduce financial risk management to give strong […]<\/p>\n","protected":false},"author":1,"featured_media":1121783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[5556,16831,1144,1325,5559,17574,3568],"class_list":["post-1121781","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-audit","tag-committees","tag-ensure","tag-financial","tag-internal","tag-managementmarigold","tag-prudent"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1121781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1121781"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1121781\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1121781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1121781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1121781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}