President John Evans Atta Mills has tasked chief directors, spending officers, managers, accountants and auditors to strongly demonstrate their commitment and cooperation to internal auditing.
This, according to him, will address concerns of poor internal auditing and management of public funds.
Delivering the keynote address at the 6th Annual Internal Audit Forum in Accra yesterday, the first gentleman of the land said high quality internal auditing was additionally required to provide independent assessment of the stewardship, performance and cost of programmes and operations.
According to him, government expects internal auditors to ensure effective and efficient use of resources and reduce mismanagement and abuse among others.
�Let me emphasize that the ultimate goal of the agency should be to ensure accountability and good governance in the public sector of Ghana. The agency should recognize the need to continuously sensitize public sector institutions on the role of internal auditing in fostering good corporate governance and challenge public sector managers to implement systems and processes that will provide better opportunities for the achievement of organizational and national objectives�.
He added that a healthy governance system gives assurance that power is exercised for public work instead of power holders using corporate power for their own personal interest rather than the interest of the people.
He called for effective involvement of key stakeholders which he described as essential for healthy growth of institutions and democracy.
Nii Adumansa-Badoo, Chairman of the board of IAA, on his part, said the choice of the theme, �Internal Auditing-a strategic asset in corporate governance,� was very timely as corporate brands and government regulators across the globe are reviewing governance practices in light of corporate scandals.
He noted that the agency�s review of internal audit reports tells the story of bad corporate governance manifesting in poor financial operations and corrupt practices in some Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs).
He explained that good corporate governance encourages the efficient use of resources and accountability.
The speakers are expected to provide participants with various concepts, principles and practices which underpin good corporate governance.
Currently the IAA is seeking amendment to the Internal Audit Agency Act, 2003 to enable it undertake independent assignments such as prosecution, timely financial management, among others.
The agency is seeking the overhaul of Section 16 of the Act which calls for establishment of internal audit units in MDAs and MMDAs.
The re-branding exercise is to reposition the internal audit function to provide an invaluable management tool for implementing good governance, risk management and internal control.
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