(a)

       (i) The Internal Audit Agency performs the following functions:

• Setting standards and procedures for the conduct of internal audit activities in the Ministries, Departments, and Agencies (MDAs).
• Ensuring that financial, managerial, and operating information reported internally and externally is accurate, reliable, and timely.
• Ensuring that the financial activities of MDAs are in compliance with laws, policies, plans, standards, and procedures.
• Monitoring, undertaking inspections, and evaluating the internal auditing of the MDAs to ensure national resources are adequately safeguarded and used economically, effectively, and efficiently.

           (ii) The Audit Service performs the following functions:

• Auditing and reporting to parliament on the public accounts of the Republic of Ashanti and of all public offices, including the courts, the central and local government administrations, universities, public institutions of like nature, and any public corporation or other body or organization established by an Act of Parliament.
• The Auditor-General or any person authorized or appointed for the purpose of the audit by the Auditor-General shall have access to all books, records, returns, and other documents relating or relevant to those accounts.
• Approving the form in which public accounts should be kept.
• Disallowing any item of expenditure which is contrary to law and surcharge: (i) the amount of any expenditure disallowed upon the person responsible for incurring or authorizing the expenditure; or (ii) any sum which has not been duly brought into account, upon the person by whom the sum ought to have been brought into account; or (iii) the amount of any loss or deficiency, upon any person by whose negligence or misconduct the loss or deficiency has been incurred.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (b)

  Internal audit and external audit can cooperate in the public sector through:

  • Shared audit planning. Internal auditors and external auditors should coordinate audit plans to avoid duplication and ensure comprehensive coverage. The coordination and collaboration should also cover risk assessments and identification of critical areas.
  • Audit findings sharing. Internal auditors should share their audit findings and recommendations with external auditors to ensure a cohesive approach. This can reduce the work external auditors have to carry out in the organization, thereby saving audit time.
  • Professional development. Professional development is essential for both internal auditors and external auditors; however, it works better when the two are engaged in joint training programs which allow them to share knowledge and experiences.
  • Follow-up audit recommendation. External auditors may follow up on internal audit recommendations to ensure implementation. Internal auditors, on the other hand, should follow up on management letters of external auditors to ensure management acts on them.