The Internal Audit Agency (IAA) saved over GH¢211 million from the implementation of 4,451 audit recommendations involving some public institutions in 2020.
The amount represents 40.39% of audit recommendations involving 6,699 public financial infractions in 2020 which amounted to over GH¢522 million.
The Director-General of the IAA, Dr Eric Oduro who disclosed this at the launch of a new website of the organisation in Accra, said the total financial infractions detected in 2020 in the public sector were 9,068.
He added that the agency would retrieve all the monies from institutions involved in these financial infractions estimated at GH¢300 million.
He said Ghana could minimise corruption and protect the public purse if IAA is well resourced to prevent corruption before it occurs.
“We should not waste resources to fight corruption or to chase funds that have already been stolen, it is better to prevent people from stealing,” he added.
He hinted that the Agency could help prevent corruption in the public sector if the Ghana Integrated Financial Management Information System (GIFMIS) is reconfigured to allow internal auditors posted to government agency stop irregular transactions.
To ensure that the accounts of all public agencies were audited internally, he said, the IAA has started publishing the name of all public institutions that fail to submit their quarterly internal audit reports and annual internal audit plan.
“This naming and shaming would continue and any institution who fails to comply would be reported to the Minister of Finance for appropriate sanction”, he said.
Touching on the new website for the IAA (https://www.iaa.gov.gh), he said the website was developed to improve interactions with stakeholders of the Agency and also make documents, laws, records and policies that would support the fight against corruption readily accessible.
Ishmael Batoma, ISD