Audit Committee for CAGD inaugurated in Accra

Get Ill The Committee is tasked to support Management of CAGD to meet its financial management reforms

Fri, 10 Nov 2017 Source: gbconline.com

A-four member Audit Committee for the Controller and Accountant – General’s Department (CAGD) was inaugurated with a call on members to take interest in the implementation of risks management strategies.

The Minister of Finance, Ken Ofori Atta, in a speech read on his behalf, also urged the members to particularly pay attention in evaluating and assessing the CAGD’s top management’s commitments in the implementation of good corporate governance framework.

He said it is important for the Committee to ensure that the Internal Audit Division of the Department was functional and effective.

A Former Director of Audit at Ghana Exim Bank, Elsie Bunyan, heads the four-member committee, comprising Nathan Yankey, Osbert Alex Kwaku Dey and Kwasi Owusu.

The Committee is tasked to support Management of CAGD to meet the financial management reforms under the Public Financial Management (PFM) Act, 2016 (Act 921).

It is also expected to provide the necessary assistance to the management of CAGD in the implementation of any recommendation contain in an Internal Audit Report, Parliament’s decision on the Auditor-General’s Report, Auditor-General’s Management Letter and the report of an Internal Monitoring Unit in the Department.

Mr. Offori Atta, therefore, urged the members to be independent, firm and committed in the discharge of their duties and to be guided always by the tenets of the PFM Act as well as sound business insight of the CAGD.

He also urged CAGD management to ensure that an Internal Audit Office was made effective, properly resourced with adequate capacity to meet the requirements of implementing an efficient risks management strategy.

“In that vein financial resources must be arranged and properly mobilised to ensure CAGD internal audit capacity is strengthened with system of internal control built and fully implemented ... the CAGD Management must make resources available to the Audit Committee to enable it effectively carry out their mandate in the interest of Mother Ghana,” he added.

The Controller and Accountant-General, Eugene Ofosuhene, said their expectation was that the Committee would work assiduously to support Management to carry out its responsibilities with regard to the implementation of the audit recommendations and related risks management issues.

“I can assure you all that Management is committed to supporting the Committee to discharge its mandates,” he added.

The Auditor-General, Daniel Yaw Domelevo, congratulated the members and reminded them that it was their collective responsibility to ensure the judicious use of public funds.

He said payroll and pensions have lots of challenges and the Auditor-General’s office would soon roll out measures to clean the system.

Mr. Domelevo emphasised the need for the Finance Ministry to facilitate the statutory regulations to back the mandate of the Audit Committee.

He said though as a country, “we’re progressing, it’s good to progress within the ambit of the law”.

Mr. Dey, on behalf of the Committee Members, thanked the government for the confidence reposed in them and assured the Committee’s commitment to assist the CAGD.

The Acting Director-General of Internal Audit Agency, Ransford Adjei, urged members to work with integrity, honesty and competence, and also abreast themselves with the PFM Act.

Source: gbconline.com