Internal Audit briefs media

Accra, Nov 8, GNA - Most Ministries, Departments and Agencies (MDA) and Metropolitan Municipal and District Assemblies (MMDA) are yet to adapt and implement structured measures to deter and prevent corporate fraud, abuse and waste, the Internal Audit Agency said on Wednesday.

Mr Patrick Nomo, Director-General of Internal Audit Agency said detection and reporting mechanisms were also not comprehensive whiles bottlenecks existed in the investigation and prosecution processes. "A lot of the management responses to fraud, abuse and waste have been reactive rather than proactive," he said at a press conference in Accra, to announce an upcoming forum on November 20.

Mr Nomo said the Agency held the belief that it was proactive measures that could mitigate the menace of fraud, abuse and waste 'wherever they rear their heads'.

"The journey to accountability and performance is one that requires careful planning and implementation," he said, adding, "This journey requires careful risk management aimed at, among other things, mitigating the risk of fraud, abuse and waste in the management of national resources".

He said the Agency's upcoming second annual Internal Audit forum to be held in Accra, would be used to discuss some of the pertinent issues confronting the industry, and the views from the stakeholders be used to implement measures that would mitigate fraud, abuse and waste in the public sector.

The forum, Mr Nomo, noted would also serve as a platform to highlight the crucial role that internal auditors played in mitigating fraud, abuse and waste.

It would be on the theme; "Mitigating Corporate Fraud, Abuse and Waste: The Role of the Internal Auditor".

Participants expected include Chief Directors, Chief Executive, Heads of MDAs and MMDAs and Accounting and Audit professionals. Mr Nomo said the forum would have three sessions that would afford participants the opportunity to deliberate on all aspects of fraud and make recommendations to improve mitigation.