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Independence of internal auditors crucial in early fraud detection and prevention- IAA

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By: Franklin ASARE-DONKOH

The Director of Human Resources (HR) -Internal Audit Agency (IAA). Mrs. M. Ofosu-Dankyi has appealed to the government to speed up the necessary amendment of the current Internal Audit Act 2003 (Act 658) to enable the agency to have its independence.

She also called for adequate resources to attend to the countless challenges they face daily as well as better salaries and improved conditions of service.

The IAA’s Director of HR made the appeal when speaking in an exclusive interview with GBCGHANAONLINE on Sunday, April 2, 2023, after a Thanksgiving Service held at the Presbyterian Boys Secondary School to climax the agency’s week-long 20th-anniversary celebrations.

According to her, there is an urgent need for the amendment of the current I Internal Audit ACT 2003 (ACT 658) which when done will cloth the agency the independence to employ its staff among other things to strengthen the check and balances in the various organisations.

Mrs. M. Ofosu-Dankyi explained that the independence of internal auditors’ work is very crucial in early fraud detection and prevention.

“Most internal auditors are either employed by a different state department or organisations thus taking explicit instructions from the IAA in the line of their duty sometimes becomes difficult.

Your employer can revoke your services if you fail to carry out their instruction which will not be in the interest of the organisation as well as the state. So there is that kind of fear of victimisation or getting sacked from your employers.” She explained.

Mrs. M. Ofosu-Dankyi was of the strong opinion that there will be much improvement in the fight against corruption if internal auditors are employed by IAA and sent to various organisations.

“When internal auditors are employed directly under IAA, there will be that kind of job security, thus taking away one’s fear of being dismissed or victimized by top management of the organisations they work in.”  The IAA’s Director of HR further explained.

The Agency as part of activities to mark its 20 years of existence also organised a symposium on Thursday, March 29, 2023, on the theme: “Relevance of Preventing Corruption in Ghana through Institutional Collaboration: Role of The Internal Auditor.”

Invited speakers at the symposium were Mr. Richard Quayson, the Deputy Commissioner of the Commission on Human Rights and Administrative Justice (CHRAJ), and COP Maame Yaa Tiwaa Addo-Danquah, the Executive Director of the Economic and Organised Crime Office (EOCO).

Chairman of the Internal Audit Board, Mr. Joseph Winful, in his opening address during the symposium highlighted the need to move from minimising corruption to preventing corruption.

He touted the Agency for what he described as an appropriate theme. He enumerated the importance of ensuring effective economic management adding that the Internal Audit Agency has organised numerous conferences and discussions to create a common platform for internal auditors to share challenges and suggested solutions.

The Chairman of the Internal Audit Board cautioned practitioners not to wait for corruption to occur instead they as internal auditors must be proactive and collaborate with stakeholders to identify early warning signs.

He stated that good democracy includes protecting national resources in a bid to eradicate poverty.

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