(a)

       Section 3 of Act 658 describes the functions of the Audit Agency. These are as follows:

• The Agency shall set standards and procedures for the conduct of internal audit activities in the MDAs.
• The Agency shall ensure that financial, managerial, and operating information reported internally and externally is accurate, reliable, and timely.
• It shall ensure that the financial activities of MDAs are in compliance with laws, policies, plans, standards, and procedures.
• It ensures that national resources are adequately safeguarded and used economically, effectively, and efficiently.
• It should ensure that plans, goals, and objectives of MDAs are achieved, and risks are adequately managed in the MDAs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (b)

  The Internal Audit Agency may consider the following strategies for enhancing internal audit effectiveness in the public sector:

  • Protect and enhance the independence of internal auditors. The Agency should take steps to ensure autonomy from management to maintain objectivity and ensure that internal auditors report directly to the board or audit committee.
  • Risk-based audit focus of internal audit. The Agency should implement risk-based auditing to ensure that internal audits focus on the identification of critical areas and develop targeted audit plans.
  • Promote economy, efficiency, and effectiveness in the administration of government programmes and operations.
  • Facilitate the prevention and detection of fraud.
  • Provide a means for keeping the MDAs fully and currently informed about problems and deficiencies related to the administration of their programs and operations and the necessity for appropriate corrective action.