- 10 Marks
Question
Dr. Kofi Mensah has been appointed the Municipal Chief Executive (MCE) of Kyekyewere Municipal Assembly. He has assumed duty early last month and has carried out a familiarisation tour of all the departments of the Assembly.
You are the Internal Auditor of the Assembly and have worked there for the past two years. During your turn of briefing the MCE, you mentioned to him that the Internal Audit Agency (IAA) exists as an apex oversight body of internal audit units working within MDAs and MMDAs. It was established by the Internal Audit Agency Act (2003) with the objective to co-ordinate, facilitate and provide quality assurance for internal audit activities within the MDAs and MMDAs. At the end of your briefing, the MCE requested more information on the IAA, especially its functions. You were pleased with the MCE and formally welcomed him to the Assembly.
Required:
Communicate to the MCE in the appropriate form, detailing out the functions of the Internal Audit Agency according to the Internal Audit Agency Act (2003). (10 marks)
Answer
MEMORANDUM
To: Municipal Chief Executive
From: Internal Auditor
Subject: Functions of the Internal Audit Agency
Date: 15th September, 2015
Introduction:
As requested during our interaction on your familiarisation tour of the Internal Audit Department, the functions of the Internal Audit Agency (IAA) are outlined below.
Functions of the Internal Audit Agency:
- Financial Accuracy and Timeliness:
- Ensure that the financial activities and operating information reported internally and externally are accurate, reliable, and timely.
- Compliance with Laws and Standards:
- Ensure that the financial activities of MDAs and MMDAs comply with laws, policies, plans, standards, and procedures.
- Safeguarding National Resources:
- Ensure that national resources are adequately safeguarded against loss, waste, and misuse.
- Efficient Use of Resources:
- Promote the economical, effective, and efficient use of national resources.
- Achievement of Goals:
- Ensure that the plans, goals, and objectives of MDAs and MMDAs are achieved as intended.
- Risk Management:
- Adequately manage risks within the MDAs and MMDAs to minimize their impact on operations.
Additional Responsibilities:
- Promoting Economy and Efficiency:
- Promote economy, efficiency, and effectiveness in the administration of government programs and operations.
- Planning and Development:
- Prepare plans for approval by the Board for the development and maintenance of an efficient internal audit function within the MDAs and MMDAs.
- Fraud Prevention:
- Facilitate the prevention and detection of fraud within government institutions.
- Informing on Deficiencies:
- Provide a means for keeping the MDAs and MMDAs fully informed about problems and deficiencies related to the administration of their programs and operations, and the necessity for appropriate corrective actions.
- Monitoring and Evaluation:
- Monitor, undertake inspections, and evaluate the internal auditing of the MDAs and MMDAs.
Conclusion:
These functions ensure that the Internal Audit Agency fulfills its mandate to enhance accountability and governance in public institutions.
Signed:
Internal Auditor
- Tags: Audit Agency, Functions, Government Accountability, Internal Audit, Public Sector
- Level: Level 3
- Topic: Internal audit and outsourcing, Public sector audit
- Series: MAY 2016
- Uploader: Kwame Aikins