By | 19 March 2018

Audit Committee of the Kwame Nkrumah University of Science and Technology (KNUST) inaugurated – 2018

KNUST Inaugurates Audit Committee

In line with the Public Financial Management (PFM) Act (Act 921), the Kwame Nkrumah University of Science and Technology (KNUST) has inaugurated an Audit Committee for the institution.

As outlined in the PFM Act, the Committee must have representations from the Institute of Chartered Accountants Ghana (ICAG), the Internal Audit Agency (IAA), and nominees by the Principal Account holder (Chairman of Council).

The five-member Committee was sworn into office by Mr. Nathan Yankey of the IAA, who again led them to swear the Oath of Secrecy. Members of the Committee are Kwaku Danso-Abeam as Chairperson, Peter Opoku Mensah, Thomas Kwarfo, Eunice Akosua Ofosua Amoako, all members and Yaw Owusu-Asamoah as secretary.

Professor Kwasi Obiri-Danso, Vice-Chancellor, stated that the law stipulates that the University management must be audited hence the inauguration of the Committee which is expected to function efficiently for the greater good of the University. He pledged the support of management of the University to the Committee in the execution of its work.

In a speech read on behalf of the Acting Director General of the IAA by Mr. Nathan Yankey, stated that the Committee was being inaugurated so that KNUST can fulfil one of its responsibilities under the PFM, the Financial Administration Regulations (FAR) 2004 (L. I. 1802) and all other financial laws and regulations which guide its activities and transactions.

Mr. Yankey urged the Committee to advise the University appropriately and ensure that it operates effective risk management practice. This, he said is to ensure the safety, security and management of the University’s information system, assets and implementation of policies. He also requested that copies of the University’s strategic plan, work plan, budget and all relevant policy documents should be made available to the Committee.

He further called for support for the University’s Internal Audit Unit to ensure they champion quality assurance and improvement to support the Audit Committee.

Kwaku Danso-Abeam, Chairperson of the Committee, thanked stakeholders for accepting them to serve on the Committee and pledged the Committee’s readiness to execute the task. Mr. Danso-Abeam continued that it is appropriate for the administration of KNUST to help in the financial management of the institution. He hoped the Committee would be given the necessary support and cooperation to make KNUST’s financial management one of the best in the country.

Emeritus Professor Kwame Sarpong, Chairman of the Governing Council of the University, reminded members of the Committee that they have been identified as individuals to bring their experience to bear on proper management of the institution. He further advised that they should work together for the good of the University and the country at large.

He thanked leadership of the University for ensuring the inauguration of the Committee and also commended it for the transformational development that is ongoing in the University.