Government efforts towards effective management of financial resources in the public sector have been given a major boost with the development of a risk identification framework by the Internal Audit Agency (IAA).the framework which is expected to be rolled out soon, makes it possible to identify financial risk areas in the operation and administration of public sector institutions, for more effective management.
Ultimately, the implementation of the framework is expected to lead to the creation of a national risk register of all financial and resource management risks in the public sector to serve as an authentic guide for public audit officials.
That, according to the IAA, would ensure effective audit operations towards the efficient utilization of national resources.
Ransford Adjei, acting Director –General of the IAA said the framework would also assist the Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District assemblies (MMDAs) to prepare risk-based audit plans for their various organizations. He noted that the framework would help in making internal auditing more effective in the public sector, as it would institute more preventive measures to handle risks.
As part of the activities to roll out the framework, a workshop aimed at equipping key officials in the public sector was recently held to facilitate the implementation of the new risk identification system.
Apart from the planned introduction of the risk management framework, he explained that the IAA is putting in place measures to insure that internal audit units are set up in all the MDAs and MMDAs.
Mr. Adjei was optimistic that implementation of the new framework would also help to set standards and procedures for the conduct of internal audit work in the public sector.
The IAA, established by the Internal Audit Act 2003(Act 658) with a mandate to coordinate, facilitate and provide quality assurance for internal audit units in MDAs and MMDAs, is determined to provide quality assurance of internal audit work of in the public sector.
He urged public sector institutions to prepare for the implementation of the framework, and pledge the continuous support of the IAA to enhance the capacity of the organizations to undertake effective auditing operations.