Internal auditors tasked to ensure financial discipline

Internal Auditors in public organizations in the nation have actually been encouraged to guarantee stringent monetary discipline in using public funds as the 2024 basic election methods.

The Director-General (D-G) of the Internal Audit Agency, Dr Eric Oduro Osae, who offered the guidance, stated there was the requirement for them to keep their eyes on their internal control systems and make sure that no spending plan overruns in the course of costs.

He likewise recommended them to support External Auditors, Management and Audit Committee to make sure adherence to sound “monetary management practices” in the general public sector.

Dr Osae provided the recommendations throughout a two-day training workshop kept in Koforidua for internal auditors in public organizations in the Eastern Region on the National Adoption of the brand-new 2024 Global Internal Audit Standards (GIAS), Auditing International Public Sector Accounting Standards (IPSAS) Based Financial Statements and Application of the PFM Commitment Control Checklist.

The training forms part of an across the country training of the internal auditors to expose them to the requirements of the brand-new GIAS, and the examining of IPSAS-Based Financial Statements and Application of the PFM Commitment Control Checklist showed in the 2024 Budget.

The training likewise looked for to empower Public Sector Internal Audit practice in Ghana in line with international requirements.

Dr Osae likewise showed that the federal government had actually enacted the Internal Audit Agency Act, 2003 (Act, 658) and the general public Financial Management Act (PFM), 2016 (Act 921) to reinforce the position and practice of internal audit in the nation, thus the training to develop their capability to guarantee they were fully equipped with the required understanding and abilities to reinforce the sector.

“Currently, Ghana has actually started significant legal and policy reforms to reorganize internal audit to inject financial discipline in the management of public funds,” he kept in mind, and included that internal auditors played a vital function in guaranteeing reliable in the 2024 Budget.

Dr Osae even more mentioned that the federal government was dedicated to executing a variety of interventions towards enhancing responsibility and openness in the management of public funds.

He pointed out confirmation and recognition of financial obligations determined as at the end of December 2022 before payments was made, positioning of quarterly spending plan allocation with capital projection, amongst numerous others as part of the intervention towards guaranteeing responsibility.

The D-G included that essential reforms in the general public sector internal audit practice such as motivating public organizations to traditional Enterprise Risk Management (ERM) procedure and systems into their operations as needed by the PFM Laws in Ghana, dealing with EOCO to prosecute based upon internal audit reports, to name a few had actually been put in location in order to make sure discipline amongst auditors.

He got in touch with the internal auditors not to “jeopardize on the needed ethical and expert requirements governing the practice, as we get in the elections this year.”

For his part, the Eastern Regional Minister, Mr Seth Acheampong, in a speech kept reading his behalf, thanked the Audit Committees and Internal Auditors for the great they were carrying out in their particular organizations.

He suggested that people deserved to understand what the work of the federal government and how it affected their lives, including that the federal government had the commitment to account and be transparent to its people.

The local minister stated the adaption of the brand-new international internal audit requirements and auditing IPAS would boost openness, responsibility and excellent funding reporting in the general public organizations of the nation.

FROM AMA TEKYIWAA AMPADU AGYEMAN, KOFORIDUA

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