The Internal Audit Agency (IAA) has inaugurated a five-member Audit Committee for the Komfo Anokye Teaching Hospital (KATH).
The Committee will pursue the implementation of recommendations contained in internal and external audit reports.
As part of its advisory roles, the Committee is expected to ensure effective risk management practice in the hospital to check financial loopholes.
It will work closely with the internal auditor to ensure there is effective risk management in the day-to-day activities of the hospital.
The Committee will also facilitate, support, persuade and advice Management to ensure that transactions, actions and activities are carried out in accordance with the relevant laws especially the Public Financial Management (PFM) Act, Public Procurement Act, the Financial Administration Regulations(FAR), the hospital’s regulations and the relevant policies and guidelines.
The Committee, which is chaired by a representative from the Institute of Chartered Accountants Ghana (ICAG), Robert Donaldy, has representatives from the Internal Audit Agency, Stephen D. Kwakye and Isaac M. Oduro as members.
Other members of the committee are Dr K. Osei-Afoakwa and Charles Dontoh who are both representatives from the Komfo Anokye Teaching Hospital’s Board.
Speaking to Citi News after the inauguration, Head of Audit at the Inter Audit Agency (IAA), Nathan Yankey said the responsibilities of Audit Committees add to the effectiveness of public accountability, transparency, operational and financial performance, safeguarding and efficient use of public assets and purse.
He indicated that the formation, reporting and responsibilities of Audit Committees are patent in the Public Financial Management Act (PFMA), 2016 (Act 921) and very important in the Public Financial Management system.
Mr Yankey further said the IAA expects the Committee to advice and persuade management to see to it that the hospital’s operations ensure the safety, security and management of the hospital’s information system, assets and effective implementation of policies.
“The committee has to support the internal audit so that they can generate reports that meet international best practices. So all these things are going to help so that at the end of the day, you can prevent fraud, you will reduce corruption, financial malfeasance and all those things that drain the purse of the country will be reduced to the barest minimum,” he said
He added that a team from the IAA will be visiting various institutions to review their Audit reports.
Chairman of the Audit Committee, Robert Donaldy pledged the committee’s readiness to deliver on its mandate.
Board Chairman of the hospital, Ambassador Nana Effah-Apenteng said the board will do its best to support the committee to achieve its objectives.
By: Hafiz Tijani/Citifmonline.com/Ghana