SOEs must prioritize preparation of audit accounts to curb infractions – Chief of Staff

Chief of Staff, Akosua Frema Osei-Opare says the problem of financial non-compliance in Ghana is quite historic, however, all State-Owned Enterprises (SOE) must endeavour to make the preparation of Auditor Accounts and Management Reports a critical aspect of their operations to ensure that Audit infractions and malfeasance are eliminated.

Furthermore, SOEs must also collaborate with the State and Interest and Governance Authority, SIGA to check and eliminate all backlogs of Audits for Specified Agencies going forward.

She also entreated the CEOs to keep updated Assets Register and Land Titles at all times.

The Chief of Staff made the point in Accra while she received from SIGA and the Ghana Audit Service the Joint Report Technical Report on the 2021 Audit Infractions, for onward transmission to President Akufo Addo.

The report came on the heels of a directive by President Akufo Addo after he held a meeting with Boards Chairpersons and CEOs of Specified Entities on October 3, 2022, where he charged SIGA and the Attorney General, AG’s Office to investigate the cause of the infractions of Entities cited in the 2021 Audit Report and make recommendations per the law.

Infractions amounting to 17.4 billion Cedis were flagged by the Auditor-General in its latest report.

Ambassador Edward Boateng, Director General of SIGA, in his presentation admonished the Specified Entities to” streamline their work to make SOEs more significant to achieve President Akufo Addo’s vision of Specified Entities contributing significantly to Ghana’s GDP”.

He disclosed that SIGA intends to work with Governing Bodies of Specified Entities to develop asset revaluation policies for best practices in accounting.

The Minister for Public Enterprises, Joseph Cudjoe, Deputy Auditor General, Godfred Addison, Frank Mante of the Public Procurement Authority, Mac-Effort Adadey of the Controller and Accountant General’s Department among others were present at the presentation of the Joint Committee Report on the 2021 Audit Infractions.

Chief of Staff, Akosua Frema Osei-Opare, and Ambassador Edward Boateng, Director General of SIGA later held a closed-door meeting with the CEOs and the Monitoring Agencies to chart the way forward.