The acting Executive Director of the Serious Fraud Office, (SFO) Mr Brian Anku Sapati, has recommended that the issue of making the declaration of assets by public office holders public be revisited.
He said when information on assets declared is made public, it would go a long way to check corruption.
Mr Sapati made the suggestion at a public lecture organised by the Institute of Professional Studies (IPS) on the theme, “Use of Management Technology to Minimise Financial Losses”, in Accra yesterday.
He said also that public declaration of assets will get public office holders who might want to use public money for personal gain to be circumspect.
Mr Sapati expressed concern about the present procedure for the declaration of assets by public office holders, and added that “assets so declared must be made public and not lodged only with the Auditor-General”.
This, he said, will help check fraud among public office holders who misuse state funds for their personal gains.
He said the “current situation where assets declared remain on files at the Auditor-General’s office does not act as a check on corrupt public officials”.
Mr Sapati said there is the need to strengthen management systems that ensure that fraud is detected early enough.
He also stressed the need to conduct periodic internal audit to facilitate the process of fishing out corrupt officials and practices in both the public and private sectors.
“Timely reporting of audit or findings of investigation and any resultant legal action enhances fraud prevention by informing the employees and the public that effective internal controls are in place,” he stressed.
Mr Sapati expressed concern about the lack of data on the incidence of financial losses which, he said, is undeveloped in the country.
“ Without good crime analysis, finding strategies for its prevention becomes difficult,” he said.
Mr John Klionogo, a Senior Partner, Pricewaterhouse and Coopers Ghana, who delivered a lecture on “Financial Reporting, Effective Tool for Preventing Financial Losses”, said there is the need to effectively analyse financial reports if the country expects to attract foreign investors.
“ Financial reporting provides information that is useful to present and future investors in making rational investments , credit and other decisions,” he said.
He said financial losses could occur through error of judgement on the part of managers, lack of effective monitoring or feedback systems, lack of appropriate control systems, and through misappropriation, among others.
Mr Klionogo said there must be the need to enforce financial control reports with the urgency they deserve to avert such future occurrences.
The Director of IPS, Rev J. J. M. Martey, called on organisations to build the capacities of internal auditors by making them independent within their organisations.
“ Internal auditors can help with the resolution of internal conflicts on financial matters within the organisation by acting as strategic independent referees,” he said.
