The Internal Audit Committee was established by the Ghana Export-Import Bank (GEXIM), which urged members to collaborate with the institution's board, management, and stakeholders to guarantee effective management of public funds.
The Internal Audit Agency's Hayford Amoah and Philomena Max-Bobie are both members of the committee, which is presided over by Yaw Nimo Baffour, a representative of the Institute of Chartered Accountants Ghana (ICAG).
The other committee members are Catherine Quaidoo and Michael Okyere Baafi, both of whom are GEXIM board representatives.
responsible leadership
The five-member committee was sworn in by Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency (IAA), who highlighted the need of public financial management systems for open and accountable government.
According to the Public Financial Management (PFM) Act of 2016, the committee (Act 921).
A country without a strong system of public financial management, according to him, runs the risk of underdevelopment because of the mismanagement of public finances.
Dr. Osae continued by saying that one of the goals of the PFM Act was to address the dangers of underdevelopment and lessen their effects on the growth of the nation.
The creation of an Audit Committee is one of the PFM Act's interventions, he said.
The director-general emphasised that in order for the Audit Committee to effectively carry out its role, management and all other significant stakeholders must support it.
As specialists in their own right, they were expected to make their knowledge available to management as part of the advising function, according to Dr. Osae.
management of risk
As they were better positioned to address and resolve concerns with external auditors, he gave them the responsibility of supporting management by being present at entry and exit meetings of those auditors.
Dr. Osae emphasised the importance of risk management and added that as a significant national institution, their success in implementing effective risk management systems was dependent upon them.
He continued by saying that audit committees worked with management to make sure the organisation carried out its primary mission rather than taking control of operations or bypassing the board.
Under the Public Financial Management Act, the director-general entrusted the committee with creating an annual risk-based plan and conducting internal audit reports on a quarterly basis. He went on to exhort members to assist Internal Audit in meeting this criterion.
CEO remarks
In his own words, Lawrence Agyinsam, the CEO of GEXIM, urged the new members to work with management to fulfil the bank's mission and the expectations of all stakeholders.
"The bank you are all joining today aspires to promote the development of Ghana's economy into an export-led one by supporting and growing commerce between Ghana and other nations," he stated, recalling the accomplishments of the bank during the previous five years.
Since 2016, according to Mr. Agyinsam, GEXIM has benefited a number of economic sectors, including manufacturing, export commerce, and agricultural.
In order to guarantee that there are sufficient governance, risk, and compliance mechanisms to meet our aims and objectives, he asked the new members to bring their knowledge to bear and to fulfil their mandated and advisory tasks.
The event's moderator, Kwadwo Boateng Genfi, Board Chairman of GEXIM, commended the IAA director-general for his informative speech and expressed his high regard for the new members.
He also thanked the departing committee for their enormous contribution to the expansion of the bank.