As stated by Joseph Winful, the board chairman of the Internal Audit Agency, financial irregularities in public institutions have cost the nation GH¢5.4 billion, but internal auditors’ diligence has prevented it. This information is contained in the 2023 Auditor-General’s report. He claimed that in order to lower yearly financial irregularities throughout the public sector, the Agency has continuously collaborated with audit committees and internal auditors. Winful made these remarks in Accra during a media briefing prior to the internal annual conference, which will take place at the University for Professional Studies in Accra on Tuesday, August 21–23, 2024. The topic of discussion is “Internal Auditors’ Role in Consolidating Democratic Governance and Accountability.”
In order to map out the path forward for enhancing the performance of public sector internal audits, the conference will bring together important players in the field, such as heads of audit committees and public institutions. Additionally, it will give the Agency a chance to inform interested parties about advancements in the field of public sector internal audit and to encourage discussion of the difficulties, problems, and ideas that internal auditors and audit committees face. According to Winful, the Agency has worked with the Institute of Internal Auditors (IIA) and the State Interests and Governance Authority (SoEs) to help them improve their financial reporting and management processes.
Due to this, there has been a notable improvement in their operations, resulting in a major 41.57 percent decrease in irregularities in the State-Owned Enterprises sector, or GHS6.2 billion in 2023. In 2024, Ghana will be among the first nations worldwide to implement the Global Internal Audit Standards. The Board Chairman stated that the Agency was working with the IIA and the ICAG to establish a national roadmap in order to fulfill the January 2025 deadline for obligatory reporting worldwide.
According to Winful, the Agency is collaborating with the Institute of Chartered Accountants Ghana and the IIA to implement the new Sustainability and Climate-Related Disclosure Standards throughout the nation’s internal audit industry. Prior to the elections, he urged all internal auditors to fulfill their duties with distinction and to maintain the professionalism and lack of politics required by the profession’s principles. Winful cautioned audit committees and internal auditors against compromising their positions as this could jeopardize sound financial governance and democracy.
SOURCE: https://dew360.net
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