The Internal Audit Agency (IAA) and the Institute of Internal Auditors (IIA) have reviewed the performance of the Audit Report Implementation Committees (ARICs) over the past two years.
In addition, the two audit organizations have also discussed measures to make the ARICs more effective.
They further agreed on a workable communication protocols for representatives of the IAA and IIA to improve the effectiveness of the ARICs.
At a day's workshop, the two organizations warned that embezzlement and other financial malfeasance at Ministries, Departments and Agencies (MDAs) and Metropolitan Municipal and District Assemblies (MMDAs) would be “a thing of the past.”
Patrick Nomo, the Director-General of the IAA said, “A good majority of heads and managements of MDAs and MMDAs want to comply with all legal and administrative requirements, but there still remains a huge capacity gap in these institutions.
“It is for this reason that we, as independent experts on the ARICs, need to strategize to fill this gap in an efficient way that does not compromise our independence.”
Section 30 (1) of the Audit Service Act, 2000 (Act 584) requires all institutions including MDAs and MMDAs to set up ARICs to implement recommendations of audit reports.
The ARIC is a statutory and high-level independent corporate governance committee in the financial management of the country's public sector.
It is responsible for promoting the effective functioning of Internal Audit Units in MDAs and MMDAs to ensure effective utilization of public resources in line with the objectives of the Public Financial Management Reform Programme.
To ensure efficient and judicious use of public resources in Ghana, all relevant stakeholders especially the IAA and IAA representatives on the ARIC have crucial roles to play in the financial management of the MDAs and MMDAs.
By Charles Nixon Yeboah