MIIF swears in Audit Committee as it positions for greater growth

Eric Oduro Osae says the Minerals Income Investment Fund (MIIF) is poised to become the best minerals sovereign fund in Africa after inaugurating the Fund’s Audit Committee at the MIIF Head Office in Accra.

Oduro Osae, the Director General of the Internal Audit Agency, observed that the Fund by inaugurating its Audit Committee was now even better placed to work for the people of Ghana due to the legal architecture that governs the audit process of public sector companies.

The Audit Committee function is derived from the Public Financial Management Act 2016, (PFM Act 921) which imposes a three-pronged responsibility on the Internal Committee.

Further to Section 86 (1) of the PFM Act, 2016, the Public Financial Management Regulations, 2019 (L.I. 2378), the Public Procurement Act, 2003 (Act 663) as amended, the Guidelines for Effective Functioning of Audit Committees and other applicable financial laws, the audit committee is to perform a mandatory role, an advisory role and provide support to the internal management set-up to ensure greater value for the people of Ghana.

Edward Nana Yaw Koranteng added that the inauguration of the Internal Audit Committee enhances corporate governance of the Fund which is essential to creating a world-class sovereign wealth fund.

Oduro Osae spelt out the mandatory role to include the preparation of an annual report and an annual statement of implementation for the attention of the Minister for Finance, Office of the President, Auditor-General, and the Public Accounts Committee (PAC) of Parliament as well as the Director-General of the Internal Audit Agency.

The Chairman of the Internal audit committee is John Fiam-Coblavie an auditor and chartered accountant with at least twenty years’ experience in the financial sector.