The Minister of Communications and Digitalisation, Ursula Owusu-Ekuful, has inaugurated a five-member audit committee to ensure proper and effective financial management practices at the Ministry.
The Minister noted that the financial management systems are key to transparent and accountable governance, adding that “a country without an effective public financial management system risks underdevelopment due to the loss of public funds”.
She charged the audit committee to fulfil its responsibilities under Section 88 of the PFM Act, the Public Financial Management Regulations, 2019 (LI 2378), the Public Procurement Act, 2003 (Act 663) as amended, the guidelines for effective functioning of audit committees and other applicable financial laws.
She, however, averred that corporate governance is about establishing processes and structure to ensure reliable achievement of corporate objectives, urging the Committee to ensure the effectiveness of public accountability and the efficient use of state resources.
“We have seen much improvement in our cash management controls, procurement management systems, financial reporting, payroll management, stores management, fixed assets management, fuel management controls, service level opinions, project management controls, including governance practices at all levels in the Ministry’s operations,” she said.
This year, she said, internal audit would conduct reviews in targeted areas such as contract management, quarterly interim financial report, e-transform protect, information management and security, girls in ICT programme, reviews Annual reports from its agencies, Budget preparation and implementation and Cash and treasury management system in the Ministry.
“We are also in the process of establishing an enterprise risk management system within the Ministry, and we expect the Audit Committee to support us in that respect,” she added.
The Director-General, Internal Audit Agency, Dr. Eric Oduro Osae, who swore in the five-member committee, urged them to bring their rich experience to bear on the Ministry’s operations and performance.
He emphasised on the need to ensure enterprise risk management, good corporate governance, and global best practices.
He also advised the Committee to facilitate and support sound governance and internal controls of all its five elements such as control environment, risk assessment of financial and operational activities, control activities, information communication and monitoring activities to achieve the desired result.
The Committee is chaired by Mr. Kwabena Hemeng-Ntiamoah, Internal Audit Agency. The other members are Mr. Thomas Nii Ashaley Thompson-Aryee, Internal Audit Agency, Mrs. Agnes Too Yeboah, ICAG, Mr. Charles Mensah, member, and Mrs. Dora Darkwa Mensah, also a member of the committee.
Mr Kwabena Hemeng-Ntiamoah, on behalf of the Committee assured the IAA and the Ministry of Communications and Digitalisation that, they will work very hard as required and provide professional direction in accordance with the rules of engagement.