The Minerals Commission has inaugurated a five-member audit committee to help implement risk management strategies and ensure a high level of corporate governance.
The committee has been tasked to support Management of the Commission to meet the financial management reforms under the Public Financial Management (PFM) Act, 2016 (Act 921).
It is required to prepare annual statements to indicate the remedial action taken or proposed to avoid or minimise the recurrence of an undesirable feature in the accounts and operations of a covered entity; and indicate the period for the completion of the remedial action.
The Committee is also expected to provide the necessary assistance to the management in the implementation of any recommendations contained in an Internal Audit Report, Parliament’s decision on the Auditor-General’s Report, Auditor-General’s Management Letter and the report of an Internal Monitoring Unit in the department.
Mr. Paul Agyemang of the Institute of Chartered Accountants chairs the five-member committee.
Other members are: Isaac Amartey, Internal Audit Agency; Emmanuel Donkor, Internal Audit Agency; James Koligu Ataki, Board Member, Minerals Commission; and Joseph Albert Quarm, Board Member, Minerals Commission.
Acting Director-General, Internal Audit Agency, Ransford Adjei, who swore members into office, urged them to pay particular attention to evaluating and assessing the Commission’s top management’s commitment to ethics and the implementation of good corporate governance framework and human resource issues.
He said it was important for the Committee to ensure that the Internal Audit Division of the department was functional and effective as it was key to successful control mechanisms within the organization.
The CEO of the Minerals Commission, Addae Antwi-Bosiako, who chaired the event, said any system without a self-checking mechanism was not good.
He expressed the hope that the Committee would work assiduously to support management to carry out its responsibilities with regard to the implementation of the audit recommendations and related risk management issues.
“I can assure you all that management is committed to supporting the committee to discharge its mandate,” Mr Antwi-Bosiako said.