Internal Auditors Save Ghana GHS 50.4 Billion Amid Crackdown on Financial Irregularities
Joseph Winful, the Board Chairman of Ghana’s Internal Audit Agency (IAA), has underscored the significant role that internal auditors play in safeguarding public finances, revealing that their vigilance has saved the nation GHC 50.4 billion in financial irregularities in 2023 alone.
This disclosure, tied to the findings of the Auditor-General’s report, highlights the critical function of internal audit mechanisms within Ghana’s public institutions.
In remarks delivered at a press briefing in Accra, Mr Winful emphasized the collaborative efforts between the IAA, audit committees, and internal auditors aimed at reducing financial irregularities across the public sector.
He credited these coordinated initiatives with strengthening financial governance and contributing to the integrity of democratic institutions.
These comments come ahead of the Internal Annual Conference, scheduled to be held from 21 to 22 August 2024 at the University for Professional Studies, Accra.
The conference, which will convene key stakeholders from the public sector, is themed “Consolidating Democratic Governance and Accountability: The Role of Internal Auditors.” It will serve as a platform to chart a strategic course for enhancing the performance of internal audits in the public sector.
The IAA has also collaborated with the State Interests and Governance Authority (SIGA) and the Institute of Internal Auditors (IIA) to bolster financial management within state-owned enterprises (SoEs).
These efforts have yielded a marked reduction in financial irregularities within the SoE sector, with a 41.57% decrease amounting to GHC6.2 billion in 2023.
As Ghana positions itself among the first nations to adopt Global Internal Audit Standards in 2024, the IAA is working in tandem with the Institute of Chartered Accountants Ghana (ICAG) to ensure compliance with the global mandatory reporting deadline set for January 2025.
Additionally, the agency is rolling out new Sustainability and Climate-Related Disclosure Standards across the internal audit landscape.
Mr Winful during his address, made a call on internal auditors to maintain professionalism and impartiality, particularly in the lead-up to the 2024 elections.
He warned that any compromise in their duties could undermine democratic governance and financial integrity, stressing the importance of upholding the ethical standards of the profession during this critical period.
