The Vice-President, Dr. Mahamudu Bawumia, has revealed that the Internal Audit Agency (IAA) through its corruption prevention measures implemented in 2020, saved the country GH¢387 million.

Dr. Bawumia made this known when he swore in the newly appointed members of the IAA Board at the Jubilee House last Friday.

The IAA in 2020 implemented some corruption preventive measures which included; tackling weak control systems and injecting discipline in the management of public funds.

According to Dr. Bawumia, through the work of the agency, audit committees and other internal audit units across the country, the 2020 Auditor- General’s Report revealed that audit infractions in Ministries, Departments and Agencies (MDAs), have reduced by 32 per cent.

In addition, other public service institutions recorded reductions in audit infractions. They are; Metropolitan, Municipal and District Assemblies (MMDAs), 34 per cent, Technical Universities 92 per cent, and the District Assemblies Common Fund (DACF), 38 per cent..

The new IAA Board is chaired by Joseph B. Winful, with Dr. Eric O. Osae, Samuel Danquah Arkhurst, Frank A. Raji, Dr. Janet Ampadu Fofie, Fiifi Kwakye, Madam Edith Pinamang, Professor Kwame A. Frimpong and Christian Sottie as members.

Dr. Bawumia said the government has initiated a process to repeal the Internal Audit Agency Act, 2003 (Act 658) to restructure public sector internal auditing, with the goal to convert the agency into a service.

He added that plans are underway to rationalise the conditions of service and move public sector internal auditing from conventional auditing to a risk-based auditing system.

The Vice-President indicated that with support from the European Union (EU), the IAA is being assisted to develop an Audit Management Information System (AMIS) which would help automate the conduct of public sector internal auditing.

He commended the agency for establishing 553 audit committees across the country to help strengthen the fight against corruption.

Dr. Bawumia urged the Board to ensure that institutions that have defaulted in submitting their audit work and reports for 2020/2021, comply.

 “The naming and shaming of institutions which fail to submit their audit work plans and reports for 2020/2021 also caught my attention and I encourage the new Board to ensure that defaulting institutions comply with the internal requirements under Ghana’s PFM Act.

I will, therefore, task the Board to ensure high performance of internal auditors to justify the need for additional resourcing of internal audit activities across the country,” the Vice-President said.

Dr. Ampadu Fofie who spoke on behalf of the Board said the agency is repositioning itself as an important corruption prevention institution through proactive advisory and assurance services.

She added that Ghanaians should optimize the use of national resources and protect the country from loss through leakages, fraud, irregularities, misapplication and negligence to actualize the country’s vision to protect the public purse.