Internal auditors have been charged to strengthen financial controls to prevent misappropriation and fraud, particularly concerning election-related spending.

“As we go into the elections, let us continue to keep our eyes on the control system by elevating our advisory and assurance services to management in an a-political manner,” said, Dr Eric Oduro Osae, Director-General, the Internal Audit Agency.

Dr. Osae made this call during a training session for public institutions, aimed at aligning with the Global Internal Audit Standards (GIAS), set to be implemented in 2025.

He urged internal auditors to ensure their work upholds the integrity of financial transactions and reporting, optimizes resource use, and fosters transparency, accountability, and good corporate governance.

“Most public institutions have prepared their handing over notes. Internal auditors must validate these handing over notes and make sure that the content is accurate, and they reflect the situation on the ground,” he said.

Dr. Osae cautioned internal auditors against relying on outdated Charters, urging them to align with the new Global Standards set to take effect in 2025.

He noted that Ghana was one of the few countries worldwide to adopt these standards.

The updated Charter, developed by the Institute of Internal Auditors, includes enhancements to internal audit functions, mandates, organizational positions, reporting structures, and the scope of work.

The goal, Dr. Osae explained, was to improve the quality and consistency of internal audits across industries and regions, ensuring auditors adhere to high standards, which will assure investors and stakeholders of a strong approach to controls and ethics.

He added that Ghana had leveraged the ongoing Public Financial Management (PFM) reforms and the expiration of Internal Audit Charters in public institutions to revise its policies in line with these new requirements.

“With optimism and determination, let us collectively embark on this journey of transformation. I am confident that, through our collective efforts, we will uplift our practice and support management and protect the public purse through worldclass standards,” he said.

Dr. Osae explained that the workshop was designed to help public institutions align their Charters with the new global standards, using the template provided by the Agency.

He said that the training would be conducted across all 16 regions of the country, organized into four zones.

Dr. Osae said that institutions that failed to adopt the new audit charter by December 31, 2024, would face sanctions.

These would include publicizing the names of board members and heads of institutions that fail to comply in the newspaper.

Other penalties could include withholding budgetary allocations and the removal of non-compliant heads of institutions.