The Audit Committee of the Sunyani Technical University (STU) under the chairmanship of Yaw Bediako of Bediako & Associates, representing the Institute of Chartered Accountants (ICA) Ghana, has been inaugurated in Sunyani.
Mr. Nathan Nyankey, who represented the Director-General of the Internal Audit Agency (IAA) inaugurated the Committee in the presence of the Chairman of the university’s Governing Council, Ing. Dr. Kwame Agyeman Boakye and the Vice-Chancellor, Prof. Ing. Kwadwo Adinkra-Appiah.
The setting up of the committee was in accordance with Section 86 of the Public Financial Management Act, 2016 (Act 921) which requires all covered entities to set-up an Audit Committee to perform specific functions under the Act.
An Audit Committee is a high-level corporate governance committee with the majority of members appointed as external members from among persons who do not work in the covered entity to which the committee relates.
Inaugurating the Committee, Mr. Nathan Nyankey explained that the committee was expected to pursue the implementation of recommendations contained in Internal Audit Reports, Parliament’s decisions of the Auditor-General’s report, Auditor-General’s management letter and the report of an internal monitoring unit in the university, particularly in relations to financial matters raised.
The Committee, he added, would be expected to provide advice on sound, transparent and reliable financial management practices, review corporate policies relating to compliance with laws and regulations, ethics, conflicts of interest and investigations of misconduct and fraud.
He advised them to collaborate with the Internal Audit Agency to initiate investigations into matters involving fraud or misuse of public funds by the university’s principal spending officer.
The Chairman of the STU Governing Council, Ing. Dr. Kwame Agyeman Boakye, reminded members of the committee of their critical role in ensuring prudent financial management practices in the institution.
Members of the committee are Solomon Kambey of the Internal Audit Agency as well as Apostle Samuel Tetteh Debrah and Michael Nsiah-Agyapong, both members of the STU Governing Council and Stephen Yeboah, Deputy Registrar in-charge of Academic Affairs and Admissions.
The Registrar of the University, Samuel Ankama Obour is a Co-opted Member while the Director of Finanace, Prince N.B Menzo and the university’s Internal Auditor, Kyeremeh A. Ameyaw are members-in-attendance.