Infractions by the various Ministries, Department and Agencies (MDAs) as well as Metropolitan, Municipal and District Assemblies (MMDAs), according to the Internal Audit Agency (IAA), has resulted in the state losing in excess of Ghs 311 million for last year,
Data from the IAA reveals that infractions on the part of MDAs and MMDAs, caused the country a total amount of Ghs 522 million of which some Ghs 211 million was saved.
The IAA posits that it reviewed some 1,563 quarterly internal audit reports submitted by the Internal Audit Units (IAUs) of covered entities, in line with the agency’s function under Section 16(3) of Act 658.
While in the process, the IAA asserts that systemic control weakness identified in the reports led to various irregularities including procurement, cash management and payroll.
A further breakdown of the report showed that the weaknesses revealed a total audit observation infraction of 9,068 – of which 6,699 were recommendations with a monetary value of Ghs 522 million.
The IAA pursued the covered entities to the tune of about Ghs 451 million of the recommendation, out of which it was able to save the country some Ghs 211 million.
Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae, has said his outfit will follow-up to retrieve the rest of the money this year.
Speaking at the lunch of the Agency’s new website, at the premises of the Ministry of Information in Accra, Dr Oduro Osae, noted that the Agency is poised to ensure it executes its mandate without fear or favour but according to the law that set it up and as a result, a restructuring of public sector internal audit function is in motion to support the fight against corruption.
“The Agency continued its pursuit to reform and restructure public sector internal auditing with a view to strengthening the Internal Audit Agency and the IAUs of Covered Entities. The restructuring will align the internal audit function to support national financial priorities and strategies set by government.”
“The restructuring will require amendment of the Internal Audit Agency Act, 2003 (Act 658). With support from the European Union (EU), a cabinet memo and a draft bill for the restructuring has been submitted to the Ministry of Finance for onward submission to Parliament after Cabinet consideration,” said Dr Osae.
