At the 2024 Internal Audit Charter Alignment workshop in Greater Accra, Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency (IAA), highlighted significant strides in the public sector’s financial management systems, emphasising the need for continuous improvement to stay ahead of global standards.
In his speech, Dr. Osae praised the commitment of internal auditors in Ghana, noting that the profession has become a cornerstone of transparency, accountability, and efficiency over the last two decades.
However, he stressed that adaptability is key as public institutions must align their practices with the evolving global landscape.
A major focus of the workshop was aligning Ghana’s internal audit charters with the new Global Internal Audit Standards (GIAS) introduced by the Institute of Internal Auditors (IIA) in 2024.
According to Dr. Osae, Ghana is among the few nations globally to adopt these standards, which will guide internal audits for public sector institutions going forward.
The Director-General outlined several improvements, including the development of a new risk-based internal audit manual, the establishment of audit committees in nearly all public institutions, and the automation of the audit process through the acquisition of a new audit management system.
Additionally, Dr. Osae revealed plans to mainstream performance audits and improve compliance with the Public Financial Management (PFM) requirements of Ghana.
The workshop also highlighted the alignment process, with the IAA providing a template to assist public institutions in revising their internal audit charters to meet the new standards. Public institutions are expected to submit their revised charters by December 31, 2024.
“By implementing the revised Internal Audit Charter, we aim to improve governance, financial management, and public service delivery in Ghana,” said Dr. Osae. The new standards, he believes, will foster better collaboration between internal audit units, management, and audit committees, ultimately ensuring more effective and transparent public sector financial management.
As Ghana prepares to adopt the new global standards in January 2025, Dr. Osae reaffirmed the country’s commitment to building a public sector financial management system that meets international benchmarks. He concluded by urging participants to embrace these reforms for the betterment of Ghana’s public financial management.