Dr. Eric Osae, Head of Ghana’s Internal Audit Agency, is calling for a renewed focus on internal auditing to improve public financial management.
He views this as a preventative approach to reduce waste and lighten the load on the Auditor-General’s office.
Internal Audits: A Preventative Measure
“Strong internal audits are key to a healthy public financial system,” Dr. Osae explained. “They identify and address issues before they become major problems. This saves time and money for the Auditor-General’s office, allowing them to focus on more complex matters.”
He emphasized the importance of a well-controlled financial system, highlighting the inefficiency caused by weak internal controls. Audits that could be completed in a week can take months due to a disorganized system, creating a backlog for the Auditor-General.
Empowering Internal Auditors
Dr. Osae called for strengthening internal audit systems by empowering internal auditors. “Let’s give them the tools and authority to effectively monitor and identify problems,” he said. “A more efficient internal audit system translates to less work for the Auditor-General and a more streamlined financial system overall.”
Passage of the Internal Audit Agency Bill
Dr. Osae urged the passage of the Internal Audit Agency Bill to further strengthen the system. This bill would centralize control of internal auditors under the Internal Audit Agency, ensuring their independence from administrative bodies.
Centralized Reporting Platform
Finally, Dr. Osae advocated for a central platform where all audit reports (internal and external) would be published.
This would include reports from the Auditor-General, the Internal Audit Agency, and the Public Accounts Committee.
A one-stop shop for audit reports would increase transparency and public access to information.
These initiatives, including a focus on internal audits, the passage of the bill, and a centralized reporting platform, all work together to safeguard public funds in Ghana.
