Internal auditors urged to tighten financial controls

Frances Ntou/Harriet Akosua Kwaki

Accra, November 25, GNA – Internal auditors have been directed to strengthen financial controls to prevent misappropriation and fraud, especially in relation to election-related expenditure.

“In the run-up to the elections, let us continue to monitor the control system by elevating our advisory and insurance services to the level of management in an apolitical manner,” said Dr. Eric Oduro Osae, Director General of the Internal Audit Agency. .

Dr. Osae made the call during a training for government agencies aimed at aligning with the Global Internal Auditing Standards (GIAS), due to be implemented in 2025.

He called on internal auditors to ensure that their work ensures the integrity of financial transactions and reporting, optimizes the use of resources and promotes transparency, accountability and good corporate governance.

“Most government agencies have prepared their presentations. Internal auditors must review these handover records and ensure that their contents are accurate and reflect the situation on the ground,” he said.

Dr. Osae warned internal auditors against using outdated Charters, urging them to align them with the new global standards that will come into force in 2025.

He noted that Ghana was one of the few countries in the world to adopt these standards.

The updated Charter, developed by the Institute of Internal Auditors, includes improvements to internal audit functions, mandates, organizational positions, reporting structures and scope of work.

The goal, Dr. Osae explained, was to improve the quality and consistency of internal auditing across industries and geographies, ensuring that auditors adhere to high standards, thereby providing investors and stakeholders with a robust approach to controls and ethics.

He added that Ghana has taken advantage of the ongoing public financial management (PFM) reforms and the expiration of internal audit charters in government agencies to review its policies in line with these new requirements.

“With optimism and determination, let us embark on the journey of transformation together. I am confident that through our collective efforts we will improve our practices, support governance and protect the public purse with world-class standards,” he said.

Dr. Osae explained that the workshop was intended to help government agencies align their bylaws with the new global standards using a template provided by the Agency.

According to him, training will be carried out in all 16 regions of the country, divided into four zones.

Dr. Osae said institutions that do not adopt the new audit charter by December 31, 2024 will face sanctions.

These will include publishing in a newspaper the names of board members and heads of institutions who do not comply.

Other penalties may include withholding budget allocations and removing heads of non-compliant agencies.

PNS