Accra, Nov. 29, GNA - The Internal Audit Service and the Ghana Audit Service on Thursday signed a Memorandum of Understanding (MOU) to strengthen collaboration between the two bodies and also enhance the value of their services. The MOU would also enable the two institutions to foster the values of transparency, discipline, accountability and increase performance in the discharge of their statutory and professional obligations as well as minimise duplications and improve their efficiency. A statement issued by the Ghana Audit Service said sharing of plans, report sharing, and risk assessment information, timing of audit assignments, consultations and reliance on internal audit work were some of the procedures to be adopted by the two institutions to achieve effective collaboration.
In this regard, a planning meeting of the two institutions would be held in September each year to discuss annual work plan. The meeting would also be used to share information on risk assessment. The MOU said the two institutions also agreed to share reports and technical documents taking into consideration professional and legal confidentiality requirements. "Each institution might request the other for specific information that may be helpful to ensure effectiveness and efficiency in performance."
The statement also said personnel of the Ghana Audit service, in accordance with its standard external audit procedures, would assess each Internal Audit Unit in terms of its staffing capacity, application of internal audit standards among others to determine the level of reliance that could be placed on work. It said personnel of the two institutions shall co-ordinate the timing of work effectively to maximise co-operation and reliance. The two pledged to explore opportunities to improve audit effectiveness and efficiency.
