Identifying the risks and weaknesses of public economic management – Bawumia to the auditors

Internal auditors have been instructed to leverage the government’s digitization program to identify risks and weaknesses in public economic management to provide timely advice and praise to fight corruption.

Vice President Mahamudu Bawumia gave the advice at the 2022 National Internal Audit and Governance Annual Conference in Accra on Thursday.

The conference, organized by the Institute of Internal Auditors Ghana, was themed “Elevating the Impact of the Digital Economy”, which allowed them to share innovative ideas and come up with solutions to ensure transparency and transparency. responsibility in the management of public finances.

Vice President Bawumia urged internal auditors to see themselves as champions of digitization in their respective institutions and help ensure a healthy economy.

He noted that internal auditors play a vital role in the management of public finances and in the protection of public funds and therefore should identify risks, opportunities and control measures to prevent the State from losing funds. .

“The profession of internal audit has evolved over the years. Internal audit techniques have moved from being reactive and control-based to a more proactive and risk-based approach.

“This allows the internal auditor to anticipate risks and opportunities and provide assurance,
advice and ideas where it is most appropriate,” added Dr Bawumia.
He said that having strong systems and institutions in place would help promote efficiency and
transparency in the public sector.
Dr Bawumia said government digitization initiatives such as the National Identification System which issued the Ghana-Card to citizens, the National Digital Addressing and Property System, the Interoperability Payment System of the mobile money, e-ticketing and the portal helped fight corruption and promote transparency. and accountability in the public sector.

He believed that integrating these institutions would help generate the data needed to support decision-making and policy interventions for accelerated national development. The Vice President advised boards and heads of institutions, both in the private and public sectors, to provide the necessary training and IT infrastructure to enable internal auditors to add value in the digitized environment.

Harriet Akua Karikari, President of the Institute of Internal Auditors Ghana, in her welcome address said that the conference would enable internal auditors to share ideas and innovative ideas to elevate the profession and contribute their quota to national development.

She said the Institute has embraced digital and technological solutions in its operations and governance structures to promote efficiency.

The use of artificial intelligence, data mining and data analysis were standards with a significant impact on the functioning of organizations and, therefore, would benefit from it to improve financial management and accountability public, she said.

Ms. Karikari gave assurances that the Institute would provide an independent assessment to
senior government officials to facilitate decision-making in a digitized environment.

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