As part of the government mandate to ensure transparency and accountability in governance, the Public Financial Management (PFM) Act, 2016 (Act 921) was enacted. Among the interventions of the PFM Act is the establishment of an Audit Committee.
In line with this, the Audit Committees of the Municipal, Metropolitan, and District Assemblies, and Regional Coordinating Council in the Northern Region have been inaugurated on Monday, 6 June, 2022 to fulfill their responsibilities imposed on them under section 86(1) of the PFM Act, 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 Committee and other applicable financial laws.
The Northern Regional Minister, Hon. Shani Alhassan Shaibu expressed happiness at the inauguration ceremony, as he indicated that, these are all part of efforts to streamline financial management in all covered entities.
โ€œIndeed, this is part of Governmentโ€™s efforts and a key element of the Nana Addo led administration to tackle financial misappropriation in the public sector of the country,โ€ he added.
He stated that “Section 87 of the Public Financial Management Act, 2016, Act 921 requires all covered entities to set up Audit Committees to perform specific functions in Act 921 which is generally to assist in the improvement of financial management practices. These functions are so important in as much as they seek to preserve the scarce resources we have, as a developing country. Even amid plenty, it is important to exercise the most diligence to be able to achieve the best value for money.”
Hon. Shani entreated the Audit Committees to make judicious use of the scarce resources by implementing the requirements of Public Financial Management.
He urged all newly inducted Audit Committee members to hold in high esteem their positions while discharging their duties professionally.
Mr. Alhassan Fuseini from the Internal Audit Agency on behalf of the Director-General of the Internal Audit Agency has urged the Audit Committee to support the work of the Internal Audit Unit and the Institutions as well as providing particular support to the Internal Auditor under section 83(9) (10) of the PFM Act (Act 921) and regulations 220 and 222 of the PFMR (L.I.2378).
He admonished that, the Audit Committee is very important in the governance of the institutions and requires the support of management and all key stakeholders to execute their mandate.

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