By Kodjo Adams/Ebenezer Annan
Accra, March 21, GNA – The Internal Audit Agency has unveiled its revised Risk-Based Internal Audit (RBIA) Manual and Strategic Plan (2025-2028) to enhance fiscal consolidation and discipline, and improve the management of public funds for better development outcomes.
The RBIA Manual has been revised to reflect the best global practices, including the 2024 Global Internal Audit Standards of the Institute of Internal Auditors, the International Standardisation Organisation (ISO) 31000:2018 Risk Management Standard, and the COSO 2013 Internal Control Framework.
The Committee of Sponsoring Organisations (COSO) of the Treadway Commission is a widely recognised framework for internal control, risk management, and financial reporting, helping organisations to design, implement, and assess their internal controls to achieve their objectives.
Dr Eric Oduro Osae, the Director-General, Internal Audit Agency (IAA), at the launch that the document on Thursday, said it aligned with Ghana’s broader national development priorities to streamline financial audits in the public sector.
The manual provides a structured methodology for internal auditors to assess, mitigate, and report on risks in public sector institutions, ensuring that resources are utilised effectively and for their intended purposes.
“The strategic plan provides a professional blueprint to guide our path as we professionalise internal audit practice in the public sector of Ghana,” Dr Osae said.
The strategic plan 2025-2028 is anchored on five key objectives including building and strengthening institutional capacity and enhancing the human and logistical resources of the IAA and Internal Audit Units for effectiveness.
He called on the Government, agencies, audit committees, heads of institutions, development partners, and professional bodies to collaborate with the IAA to implement those frameworks.
Dr Osae said the Agency would continue to play its role by providing technical guidance, capacity building, and regulatory oversight.
He urged all public sector internal auditors to embrace the principles of risk-based auditing, compliance, and ethical professionalism in executing their duties.
The adoption of the new standards had the potential of strengthening Public Financial Management systems towards accountable and improved financial governance, reduce corruption and promote value for money in public administration.
“We have established Audit Committees for over 99 per cent of public sector institutions and streamlined the advisory, assurance and reporting roles of internal auditors,” he said.
With support from the World Bank, the European Union and GIZ, the Director General said the Agency was automating Public Sector internal audit practice through the acquisition of an End to-End Audit Management Information System.
He called on the authorities to help address the challenges within the sector, including disjointed management of internal audit professionals in the sector and disparities in the conditions of service.
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