Story by, Nsor Paul Mensah
In a significant move for the internal audit profession in Ghana, the Internal Audit Agency (IAA) and the Institute of Internal Auditors (IIA) Ghana have jointly unveiled the new global internal audit standards. The launch event, attended by key stakeholders from the public sector, private sector, and the non-governmental organization (NGO) community, marks an important milestone for the internal audit profession in the country.
Speaking at the event, Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency, emphasized the importance of these new standards in providing internal auditors with clear and concise guidance to carry out their assignments with high professional competence. "The timing of this launch is called timely and extremely necessary, given that the world that fully occupied with the parents and mysteries of emerging technologies, robotics, advanced artificial intelligence and machine learning," he said.
The new global standards are expected to help internal auditors in Ghana and across the world deliver their services with greater accuracy, comprehensiveness, and adaptability, while maintaining the highest levels of objectivity and ethical standards. The standards are also aimed at expanding the horizons of internal audit functions, allowing them to contribute more effectively to the governance and financial frameworks of their respective institutions.
One of the key highlights of the event was the call by Dr. Osae for the private sector and NGO community to follow the public sector's lead in adopting these global standards. "We all stand to gain from the resultant transition to achieve improved and enhanced governance of our affected institutions," he emphasized.
On his part, Mr. Joseph Dakora Zumasigee, President, Institute of Internal Auditors Ghana, noted that Ghana has received congratulatory messages from across the world, including North America, Europe, and Asia, recognizing the country's commitment to strengthening public sector governance.
The move is expected to deliver significant benefits for Ghana, including enhanced ethical conduct, efficiency, and productivity within organizations. Zumasigee emphasized the importance of senior management and board members embracing the standards to enable internal auditors to perform their duties without fear.
Going forward, IIA Ghana is partnering with the IAA to accelerate the professionalization of internal audit practice in the country. They are encouraging public and private sector organizations to reach out for support in properly implementing the global standards.
"This event marks an inflection point which further magnifies Ghana's position as a lofty shining star in the world,".
The launch of the new global internal audit standards in Ghana is a significant step forward for the internal audit profession in the country. It is expected to strengthen the role of internal auditors in supporting the governance and financial management of both public and private sector organizations, ultimately contributing to the overall development and prosperity of the nation.