The Internal Audit Agency’s vigilance has saved Ghana GH₵5.4 billion from financial irregularities, according to the 2023 Auditor-General’s report. This impressive achievement was highlighted by the agency’s board chairman, Mr. Joseph Winful, who credited the ongoing collaboration between the agency, audit committees, and internal auditors for consistently reducing financial irregularities across public institutions.
Speaking at a media interaction ahead of the agency’s internal annual conference, which runs from August 20 to 23, 2024, at the University for Professional Studies in Accra, Mr. Winful outlined the agency’s efforts. He emphasized their partnership with the State Interests and Governance Authority (SIGA) and the Institute of Internal Auditors (IIA) to enhance financial management and reporting systems in State-Owned Enterprises (SOEs) and other institutions.
These collaborations have paid off significantly, leading to a 41.57% reduction in irregularities within the SOE sector in 2023. Mr. Winful added that the Agency is working on a national roadmap, alongside the IIA and the Institute of Chartered Accountants Ghana (ICAG), to prepare for the global mandatory reporting deadline of January 2025.
In line with this, the agency will be rolling out new sustainability and climate-related disclosure standards within the internal audit sector. As the country moves towards election season, Mr. Winful urges internal auditors to uphold professionalism and neutrality, adhering to the ethical standards of their profession.
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