The Internal Audit Agency (IAA) has organized a two-day capacity building training on Risk-Based Internal Audit in Tamale aimed at equipping staff of the Internal Audit Units (IAUs) with the requisite skills to prepare and submit the 2023 RBIA Work plans on time and in the form and manner that complies with the Agency’s standards.
The training is in accordance with Section 83 (4) of the Public Financial Management Act, 2016 (Act 921) which requires Internal Auditors to, in consultation with Principal Spending Officer, prepare an annual risk-based audit work plan of activities required to be performed in a financial year.
Director General of the Internal Audit Agency, Dr Eric Oduro Osae, in a presentation read on his behalf on Wednesday, October 12, said the workshop is a nationwide exercise taking cognizance of the ongoing reforms in Public Sector Internal Audit (PSIA) which promotes practice of risk-based internal auditing to prevent and reduce irregularities associated with the management of public funds.
In view of this, he seized the opportunity to charge the participants to work with Audit Committees to pursue implementation of recommendations contained in audit reports, including the 2021 Auditor-General’s Report and Management Letter.
He also implored Internal Auditors to work with management to reduce irregularities reported by the Auditor-General and also ensure that they aid covered entities to manage public funds efficiently and effectively.
Dr Oduro Osae stated the Internal Audit Agency in line with its mandate, has issued guidelines for the preparation of the 2023 Risk-Based Internal Audit Plans which include mandatory thrust areas to be considered in addition to areas identified through the risk assessment process.
“In the meantime, the IAA reminds all covered entities that, deadline for submitting the 2023 3rd Quarter internal audit report is 31st October 2022 and that for the 2023 Annual Internal Audit Performance Reports (AIAPR) is 31st December, 2022. The 2023 RBIA work plans must be completed, received by your Management, approved by both the Audit Committee and Board and submitted to the Internal Audit Agency not later than 31st January, 2023.”
Caution
The Director General indicated as public sector workers of Ghana, Internal Auditor are required to adopt the international frameworks for best practices and exhibit the required professional standards of Professionalism, Competence, Integrity and Confidentiality under sections 18, 19 and 20 of the Internal Audit Agency Act 2003 (Act 658).
He said failure of this will require sanctions provided for under Section 25 of the IAA Act which include imprisonment upon summary conviction for a term not exceeding 5 years in addition to a fine may apply.
Audit Service Bill
Dr Eric Oduro Osae meanwhile has disclosed the government is working on a new Internal Audit Service Bill (IASB) to convert the Agency into a Service, adding this would rationalize Conditions of Service of internal auditors as well as improving the independence and objectivity of internal auditors in their approach to work and ensure continuous and targeted capacity building and professionalism of internal auditors.
