Promoting Good Governance in Public Institutions in Ghana, the Role of the Internal Auditor

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Promoting Good Governance in Public Institutions of Ghana: The Role of the Internal Auditor
All over the world there is a realization that the Internal Audit activity has the potential to provide hitherto unparalleled services to management in the conduct of their duties. This potential has been turned into a challenge and embodied in the new definition of Internal Auditing from the Institute of Internal Auditors (the IIA).
Background of the Study
The Government of the Republic of Ghana by the Internal Audit Agency Act, 2003 (Act 658)established the Internal Audit Agency “as an apex oversight body to co-ordinate, facilitate and provide quality assurance for Internal Audit activities within the public sector”
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These are as follows:
1. Professional Practice Framework which aims at developing key documents and templates for use by the Internal Audit function such the Internal Audit Regulations, Internal Auditing Standards, Audit Programmes Internal Audit Charter and Annual Audit Planning templates.
2. Human Resource Development which seeks to facilitate the recruitment, training and development of internal auditors to be proficient in applying internal audit standards, procedures and techniques in performing engagements.
3. Quality Assurance and Improvement which addresses the issue of continues improvement in the performance of the internal audit activity.
Definition of Internal Audit
According to the Institute of Internal Auditors, “internal auditing is an independent, objectiveassurance and consulting activity designed to add value and improve an organization’soperations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes” (March 2007).This definition actually seeks to demonstrate the depth and breadth of the internal audit activity within an institution as against the previous orientation of reviewing payment transactions over the years. Modern internal audit covers (or should cover) all activities of the

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