Importance of Strengthening Internal Auditing Systems for Public Financial Efficiency

The Director-General of the Internal Audit Agency, Dr. Eric Osae, has emphasized the importance of strengthening internal auditing systems in order to ensure the efficiency of public financial systems in the country. Speaking at the launch of the Independence and Accountability in Governance assessment report by the World Bank, Dr. Osae highlighted the need for a preventive approach to reduce waste in the public sector and alleviate pressure on the Auditor-General as the Supreme Audit Institution.

Dr. Osae stressed that by empowering internal auditors and strengthening control systems, the workload on the Auditor-General could be reduced, leading to more efficient audits and cost savings for the nation. He also called for the expedited passage of the Internal Audit Agency Bill by Parliament to bring internal auditors under the control and management of the agency.

Furthermore, Dr. Osae raised concerns about the non-publication of Public Accounts Committee directives and urged for the creation of a centralized platform for relevant institutions to publish their reports. He emphasized the importance of accountability and transparency in the public sector to safeguard the use of public funds.

The Independence and Accountability in Governance assessment report provides recommendations to support the government in strengthening the independence of the Supreme Audit Institution and improving the audit recommendation follow-up process. The report, based on an assessment conducted in Ghana in 2023 using the World Bank’s SAI independence index, aims to enhance the oversight and management of public finances in the country.