A five-member Audit Committee for Takoradi Technical University has been been inaugurated for a two-year term in office to end on April 30th, 2024. The committee members whose appointment is subject to renewal for another two-year term based on satisfactory performance are led by Samuel Peterson Larbi from the Internal Audit Agency as the Chairman. Other members of the TTU Audit Committee includes Atta Kissiedu, from the Institute of Chartered Accountants Ghana, Ransford Kwaku Biritwum, also from the IAA, Ingineer Dr. Robert Adjaye and Sarah Andah Monney, both representing the TTU Governing Council.
Registrar of TTU, Dr. Moses Maclean Abnory will serve as the Secretary to the Committee with Charlotte Effie Odoom as its Recorder.
The appointment and subsequent inauguration of the the Audit Committee is in-line with Section 86 of the Public Financial Management Act, 2016 (Act 921) that requires all Covered Entities (CE) to set up an Audit Committee (AC) to perform specific functions under the Act.
Speaking during the inauguration, the Vice Chancellor of Takoradi Technical University, Rev. Prof. John Frank Eshun, while congratulating the members for their appointment urged them to fulfill their mandate in the interest of the University.
Rev. Prof. John Frank Eshun-Vice Chancellor, TTU
“the functions of the Audit Committee is clearly spelt out in the Public Financial Management Act 2016 and the Act seek to regulate the financial management of the public sector within the micro economic and physical framework and seems to also provide for accounting and audit of public finance. I believe today’s event has become very necessary because of the current happenings at the Public Account Committee which this inauguration sought to address. I will like all of you to bring your ingenuity to bare to help the university implement fully what the Act seeks to achieve. Management of Takoradi Technical University is ready and willing to support you to achieve the committee’s objective because it will help the university to improve its finances“, he said.
To prove its readiness towards better financial management within the University, the Vice Chancellor outlined some measures it is taking.
“There are certain things that shouldn’t find its way into our report as it dent our image. So we want to improve our financial management. The Finance Directorate have a lot of staff there and Internal Audit also have improved the staff strength there, so I believe and pray that coming on board, we will try as much as possible to reduce the infractions so that we will be able to stand in the good books of the Auditor General. Now you see, looking at the Public Account Committee, a lot of matters were referred to the police, EOCO and others. We don’t want this thing to happen to us and I want you to help us so that we are be able to put our house in order. I believe we will all be happy working together”, he added.
Rev. Prof. Eshun in his concluding remarks commended the outgoing Audit Committee members for their exemplary contribution to management’s running of the university over the period.
“I want to thank the outgoing chairman and the members for the good work done. Your existence helped us a lot in terms of reducing the infractions that we had. As the Director General said, we have to try as much as possible to reduce the infractions and we will do our very best to take your advice and your support to be able to reduce that”, he noted.
The Director General of the Internal Audit Agency, Dr. Eric Oduro Osae, reminded the committee of its mandate to undertake mandatory roles and responsibilities as well as advisory roles as spelt out in the Guidelines for Effective Functioning of Audit Committees.
Dr. Eric Oduro Osae-Director General,Internal Audit Agency
"The audit committee does not take over the management of the organisation, they rather support management to manage the organisation effectively and efficiently. The internal auditor reports to management but tactically and professionally the internal auditor works up to the audit committee. The audit committee is chaired by the external and selected Qualified Chartered Accountant because they want qualified accountants to make their sservices available to institutions like yours. So that is the mandatory function. Because of the important role of the audit committee, part of your mandatory function is to submit an annual audit committee report. This report goes to the sector ministry, a copy goes to Parliament, to the Office of the President, to the Director General and the Auditor General. In that report, we will want to see all report that has been brought to the audit committee for consideration, the recommendation being given to management, a percentage of the recommendation management has been able to implement over the year as well as the outstanding one. Therefore, the Audit Committee report for 2021 is due for submission on 30th June, 2022. So that will be the first report. The second role is the advisory role. Because of the expertise that we have on the audit committee, the Public Financial Act has given you the role to advice management and the council on issues of financial management. The University has its financial officer and Director of Internal Audit but the audit committee supplement and support their works, so you advice the University and management to raise management issues, advice the University to fully comply with its statutes and established instruments about the public financial management laws", he said
The newly elected Chairman of the TTU Audit Committee, Samuel Peterson Larbi, in an acceptance statement read on his behalf assured both the management of TTU and the appointing authority of their readiness to provide a guide to management in its financial management activities.
“It is with great honour to have been chosen as the Audit Committee Chairman of this great university. Audit Committee have been part of our public administration system as an important pillar of good corporate governance, assisting public institutions in fulfilling their oversight role in the area of ensuring the integrity of financial information, suitability of the systems of internal control, compliance with policies, directives and regulations…It is of no doubt, a huge responsibility has been given to us...We would be working with top management to pursue the implementation of recommendations contained in internal auditor's report, Parliament's decisions on auditor general’s report, the report of internal monitoring unit, particularly in relations to financial matters raised and any other related directives of Parliament. We will also provide advice on sound, transparent and reliable financial management practices, ensuring that the risk of management processes are comprehensive and effective detected...We hope to foster consensus and team work and also leverage on the rich experience and expertise of all to ensure the success of our tenure. We anticipate the co-operation and support of all“, he said.
Also in attendance at the inauguration were the Pro Vice Chancellor of TTU, Prof. Victor Bonzie Micah, TTU Director of Finance, Dr. Gabriel Sam Ahinful and the Director of Internal Audit, Elizabeth Obeng.