In compliance with the Public Financial Management (PFM) Act (Act 921), the Director General of the Internal Audit Agency (IAA), Dr. Eric Osae has inaugurated an Audit Committee for the Kwame Nkrumah University of Science and Technology (KNUST), Kumasi, on Wednesday, 19th January 2022.

As outlined in the PFM Act (Act 921), the Committee must have representations from the Institute of Chartered Accountants Ghana (ICAG), the Internal Audit Agency (IAA), and the University Council.

The six-member committee, made up of Professor Kwame Adom-Frimpong (Chairman), Mr. Ransford Adjei, Mr. Osei Owusu-Ansah, Dr. Kwaku Agbesi, University Council representative (yet to be appointed) and Mr. Yaw Owusu Asamoah (Secretary) swore the oath of secrecy and oath of office.

In his remarks, the Director General emphasised that the Audit Committee which is a statutory committee will support KNUST to put in place good financial management systems to enable them to deliver effectively on their mandate.

He highlighted their advisory, mandatory and supporting roles as outlined in the PFM act. In the mandatory role, they must work with the Internal Auditor to support and advise management in implementing recommendations for internal and external auditor’s reports. They are also expected to support the Internal Auditor and offer advice and necessary assurances to support all financial operations of the University. As an Audit Committee, it also behoves them to report annually on operations to the Offices of the President, Speaker of Parliament, and IAA.

Dr. Osae also urged the Audit Committee to establish a positive working relationship with the University Council, Ghana Tertiary Education Commission (GTEC), and Ministry of Education for the benefit of KNUST and Ghana.

Professor Kwame Adom-Frimpong thanked the members for appointing him as the Chair and pledged his utmost commitment to give off his best. He assured Management that together with his team, they would assist the internal auditing team and conform to the PFM Act (Act 921).

Professor (Mrs.) Rita Akosua Dickson promised Management’s cooperation and willingness to work together with them for the continued success of KNUST.