Effective internal audit function could address many of the challenges confronting public finance mg’t – Finance Minister

The Minister of Finance, Dr. Cassiel Ato Forson, has stressed the need to restore confidence in public financial management.

Dr Forson noted that many of the challenges confronting public finance management could be addressed through a stronger and more effective internal audit function across state institutions.

He said this when he inaugurated a nine-member Governing Board for the Internal Audit Agency (IAA).

The nine-member Board, comprising professionals with expertise in internal auditing, accountancy, finance, and human resource management, has been tasked with developing strategies to reposition the Agency and strengthen its mandate.

“We must turn the Internal Audit Agency around and restore it to the purpose for which it was established,” he stated.

Dr. Forson observed that the recurring infractions highlighted in the Auditor-General’s reports reflect weaknesses in the country’s accountability systems, including the internal audit function. He urged the Board to implement measures that promote accountability and ensure that internal auditors who fail to perform their duties are sanctioned appropriately, including the possible revocation of their licences where necessary.

He also urged the Agency to provide professional development programmes for its staff to better equip them with the skills and knowledge required to effectively perform their duties and maximize their capacity.

“The level of waste is too high, and the Ghanaian taxpayer is losing too much. We need to find a way to fix it,” he stated.

The Minister further noted that the government’s ongoing fiscal reforms are helping to restore confidence in the public finance system and reiterated its commitment to supporting the rebranding and strengthening of the Internal Audit Agency.

Dr. Forson also announced plans to establish a mechanism he described as an “Auditors’ Court” to enhance supervision of internal auditors and promote greater public scrutiny and accountability.

He assured the Board of the government’s unwavering support in carrying out its mandate to improve the internal audit function within the public sector and leave the Agency stronger, more independent, and more impactful.

He concluded by encouraging members of the Board to serve with integrity and add value to the operations of the Agency by ensuring that the auditing profession receives the recognition it deserves.

“Your success must be reflected in the Auditor-General’s report,” he added.

Source: 3news.com by Laud Nartey