Somanya (E/R) Feb 05, GNA – The University of Environmental and Sustainable Development (UESD), Somanya, has inaugurated a five-member audit committee to oversee and review activities of the institution’s governance and internal control system for proper fund management.
Speaking at the inaugural event, Professor Eric Nyarko-Sampson, Vice-Chancellor of UESD, congratulated members of the committee for accepting the nominations to assist in building a strong foundation of financial control mechanism for the university.
“A new university like UESD requires a strong footing to start and to build on with respect to strong regulatory and body compliance,” he said, while assuring full management support for the committee to deliver on its mandate.
“Management will endeavour to ensure that the university follows all rules and regulations as well as statutory and regulatory requirement for managing the institution,” he added. “However, management will also count on the committee for support and advice.”
Mr Maxwell Offei Mensah, Deputy Director of Internal Audit Agency (IAA), swore in the committee members who took an oath of office and secrecy.
He said the audit committee was very important in the governance of the university and required the support of management and all key stakeholders to make sure their mandate was successfully executed.
“The audit committee is expected to work together with the university as partners in development towards accomplishing efficient management of public funds,” he said. “I am hopeful that the committee would live up to expectations.”
Mr Edward Langmatey, IAA representative, was elected chairman with the members being Ms Mary Larmie, Institute of Chartered Accountants Ghana representative; Mrs Philomina Sueley Max-Bobie, also IAA representative; Dr Jemima Anderson and Mr J. Twumasi-Mensah, both representatives of the university’s council.
He assured the university and the Internal Audit Agency that the committee would work thoroughly so that audit issues did not arise in the external audit report.
He also told the Ghana News Agency that the law mandated the audit committee to ensure the university adhere to all regulatory frameworks, adding, “We are to help management pursue the implementation of all audit recommendations being it internal or external audit.”
“The audit committee may also provide advisory for risk management, internal control and governance issues that pertain to the university.”
GNA