Kofi Ampeah Woode
The Kofi Annan International Peacekeeping Training Centre (KAIPTC) has officially inaugurated the Centre of Excellence’s Audit Committee, in compliance with current best practices for its financial management.
Delivering an address at the committee’s commissioning at the Centre on Thursday 20 April 2023, the Commandant, KAIPTC – Major General (Maj Gen) Richard Addo Gyane, said the Centre is predominantly a donor-funded institution, and it is in her best interest to project an effective, transparent and accountable front in financial dealings.
Referencing Ghana’s Public Financial Management Act (ACT 921), the Commandant said the ACT requires all Ministries, Departments and Agencies (MDAs) of the State, to have Audit Committees to support Management’s efforts, to ensure that Institutions and Organizations are effective and efficient in their operations, with their system and processes being transparent, in order to boost donor confidence.
In that regard, General Gyane said the Centre believes that the work of the Audit Committee will help ensure that KAIPTC continuously improves on its Governance systems and processes, Risk Management and Internal Controls, and that the commissioning would be welcoming news for its partners and stakeholders, ultimately ensuring the achievement of the Centre’s goals.
The Director, Human Resource and Administration of Ghana’s Internal Audit Agency – Mrs Marian Ofosu-Dankyi, who graced the inauguration, said the Public Financial Management (PFM) systems are key to transparent and accountable governance, and that a country without an effective public financial management system, risks underdevelopment, which will be caused by loss of public funds.
Mrs Ofosu-Dankyi said, to address these risks and mitigate its impact on the development of Ghana, the PFM Act, 2016 (Act 921) was enacted, and among its interventions, is the establishment of an Audit Committee.
She said the Audit Committee is a high-level Corporate Governance Committee, which adds to the effectiveness of public accountability and efficient use of state resources, and that KAIPTC’s version has been inaugurated to fulfill responsibilities imposed under Section 86 (1) of the PFM ACT, Regulations, 2019 (L.I. 2378), the Public Procurement Act, 2003 (ACT 663) as amended, the Guidelines for Effective Functioning of Audit Committees, and other applicable financial laws.
She furthered that the roles of the Audit Committee under the laws of Ghana, are categorized into three (3) main areas: i) Mandatory ii) Advisory and iii) Support to the Internal Audit Unit, other Internal Monitoring Units and External Scrutiny.
She went on to say that the mandatory roles are, a) Pursuit of implementation and preparation of annual statements, b) showing the status of implementation of recommendations contained in Internal Audit Reports, Parliament’s decision on Auditor-General’s Report, Auditor General’s Management Letter, and Reports of Monitoring Units, especially, those recommendations that deal with financial matters.
Furthermore, the Committee is to i) Ensure the Head of a Covered Entity – Principal Spending Officer – ii) Prepare an annual report of the activities of the Audit Committee, and submit it, including the annual statement of status of implementation – which should be endorsed by the Sector Minister – to the a) Principal Account Holder (PAH), b) Minister for Finance, c) Office of the President, d) Auditor-General, e) the Public Account Committee (PAC) of Parliament, and f) Director-General of the Internal Audit Agency.
The Committee also performs a number of advisory roles such as; a) Financial Management, b) Risk Management Practice, Internal Control and Governance Processes, and c) Compliance with Laws, Regulations and Policies.
KAIPTC’s Audit Committee, which has a two (2) year tenure, is comprised of Mr Mark William Attipoe – Head of Account, Ministry of Defence; Ms. Regina Amoo – Head of Internal Audit, Ministry of Defence; Mr Patrick Nyarkoh – Deputy CEO, Finance and Administration. Petroleum Hub Development Corporation; Ms Akosua Aboagyewaa Asare – Deputy General Manager, Finance, Bulk Oil Storage & Transportation Company; and Mr Hayford Dowuona- Hammond – Head of Operations, Internal Audit Agency.
By Kofi Ampeah-Woode
