Internal Auditors receive training on global standards
The Internal Audit Agency (IAA) has held a two-day comprehensive training session for internal auditors from various state-owned enterprises and Metropolitan, Municipal and District Assemblies (MMDAs).
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The training focused on the adoption of global internal audit standards, the application of standard checklists for commitment control and auditing of International Public Sector Accounting Standards (IPSAS)-based financial statements.
The training aimed to enhance the skills and knowledge of internal auditors in conducting audits per international best practices.
Participants were guided through the key principles and requirements of global internal audit standards, as well as the importance of adherence to standard checklists for effective commitment control.
The session also provided valuable insights into the auditing of IPSAS-based financial statements, emphasising the need for accuracy, transparency and compliance with regulatory guidelines.
Progress
Addressing the opening of the event last Monday, the Director-General of the Internal Audit Agency, Dr E.O. Osae, said internal auditors across the public sector deserved commendation for the hard work and professionalism they continued to exhibit to keep the economy running despite the difficulties.
“As the first quarter of 2024 draws to a close, I can confidently say that as internal auditors, we have done better this quarter than the same quarter in the previous year,” he said. For instance, Dr Osae said that the majority of internal auditors submitted their 2024 risk-based Internal Audit Workplans on time as against the same period in 2023.
“As at the close of deadline for submission, a total of 157 were in default against over 200 same period last year,” he said. Beyond that, he said the majority of the internal auditors submitted their fourth quarter 2023 internal audit report on time, while few institutions had so far appeared before the IAA review panel in this quarter as against the same quarter in 2023.
“The above demonstrates that public sector internal auditors are living up to expectations,” he said. Dr Osae advised internal auditors to keep their eyes on the internal control systems in their respective institutions as the nation goes into the 2024 general election to ensure that there were no budget overruns, while control systems and strict financial discipline were adhered to in the use of public funds.
He also urged them to support external auditors, management and audit committees to ensure adherence to sound financial management practices in the public sector.He said internal auditors should not compromise on the required ethical and professional standards governing their practice this election year.
“Remain politically neutral; do not create another difficult bureaucratic layer that slows down public administration. All your advisory and assurance services must enhance smooth public administration and value for money in the use of public funds,” he said.
