The Acting Director-General of Internal Audit Agency of the Ghana Tourism Authority (GTA), Ransford Agyei, has noted that the Audit Committee of Ghana Tourism Authority will ensure the effectiveness of public accountability, transparency, operational and financial preference, safeguarding and efficient use of the public purse.
Speaking at the inauguration of the audit committee, Mr Agyei stated that the committee will fulfill one of the responsibilities under the Public Financial Management (PFM) Act, 2016 (Act 921) and all other financial laws and regulations which guard its activities, transactions and actions.
“The Audit Committee is very important in the governance of the Ghana Tourism Authority and requires the support of management and all key stakeholders to execute its statutory mandate,” he said.
The Audit Committee according to Ransford Agyei, in accordance with Act 921, will pursue the implementation of recommendations contained in the internal audit reports, external audit reports as well as the monitoring unit of covered entities especially those recommendations that deal with financial matters and parliamentary decisions on external audit reports.
“The next important area is to prepare annual report for the activities of the Audit Committee. The Audit Committee is required to prepare and submit its annual report to the Sector Ministry, Office of the President, Auditor-General, Director General of IAA and Public Accounts Committee of Parliament.”
Mr Ransford Agyei further stated that “the Audit Committee should advise and ensure that the Authority operates a very effective risk management practice to ensure the safety, security and management of its information system, assets and effective implementation of policies.”
He said the Authority in its risk management practice will expect the Audit Committee to advise or persuade management to ensure that “there is a risk management team operating at the authority, and a risk register for the whole entity registers divisions and sections of the authority.”
“Management should have risk champions for the recording of all identified risks and endeavour to proffer mitigating measures to address the risk. This can be done with facilitation by the internal auditor support from the agency” he stressed.
The Acting Director-General also highlighted the need for the Audit committee to help establish the control environment, monitoring activities and be highly interested in the control activities of the Ghana Tourism Authority.