More than GH¢50 billion saved from financial irregularities - Internal Audit Agency

Joseph Winful, Board Chairman, of the Internal Audit Agency, says the vigilance of internal auditors in public institutions has saved the country GH¢5.4 billion from financial irregularities in public institutions in the 2023 Auditor-General’s report.

He said the Agency had consistently worked with audit committees and Internal Auditors to reduce annual financial irregularities across the public sector.

Winful said this in Accra at a media interaction ahead of this year’s Internal Annual Conference slated for Tuesday, August 21 to 23, 2024, at the University for Professional Studies, Accra.

It is on the theme “Consolidating Democratic Governance and Accountability; Role of Internal Auditors.”

The conference will bring together key stakeholders in the public sector internal audit space, including heads of public institutions and audit committees, among others, to chart the way forward towards improving public sector internal audit performance. 

It will also provide an opportunity for the Agency to update stakeholders on developments in the Public Sector Internal Audit space and facilitate the exchange of ideas, experiences, and challenges facing internal auditors and audit committees. 

Winful said the Agency had collaborated with the State Interests and Governance Authority and the Institute of Internal Auditors (IIA) to support the SoEs and other institutions to strengthen their financial management and reporting systems.

This has led to a significant improvement in their operations of a material reduction in irregularities in the State-Owned Enterprises sector by 41.57 per cent amounting to GHS6.2 billion in 2023. 

Ghana is among the first countries in the world to adopt Global Internal Audit Standards in 2024.

The Agency, the Board Chairman said, was implementing a national roadmap in collaboration with the IIA and the ICAG in preparation to meet the global mandatory reporting date of January 2025.

Winful said the Agency was working with the IIA and Institute of Chartered Accountants Ghana to roll out the new Sustainability and Climate-Related Disclosure Standards across the internal audit sector of the country.

He entreated all internal auditors to remain professional and apolitical as demanded by the ethics of the profession and discharge their responsibilities with distinction ahead of the elections.

Winful advised internal auditors and audit committees not to compromise their positions because it had the potential of undermining democratic and good financial governance.