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Identify dangers and flaws in public economic management – Vice Prez.

Internal auditors have been tasked with utilizing the government’s digitalisation agenda to identify risks and vulnerabilities in public economic management.

Vice President Mahamudu Bawumia provided the advise on Thursday in Accra at the 2022 Annual National Internal Audit and Governance Conference.

The conference, organised by the Institute of Internal Auditors Ghana was on the theme, “Elevating Impact in Digitalised Economy,” which enabled them to share innovative ideas and proffer solutions towards ensuring transparency and accountability in public fiscal management.

Vice President Bawumia entreated Internal Auditors to see themselves as digitalisation champions in their respective institutions and help ensure a sound economy.

Internal auditors, he said, play a key role in public financial management and protecting the public purse, and they should identify risks, opportunities, and control measures to keep the state from losing money.

“The Internal Audit profession has evolved over the years. The techniques of internal auditing have changed from a reactive and control-based form to a more proactive and risk-based approach.”

“This enables the internal auditor to anticipate risks and opportunities and provide assurance,
Advice and insight where most appropriate,” Dr Bawumia added.

Building solid processes and institutions, he argued, would assist the government promote efficiency and transparency.

He believed that by bringing those institutions together, they would be able to create the data needed to assist decision-making and policy actions for faster national development.

The Vice President advised boards and heads of institutions, both in the private and public sector, to provide the necessary training and IT infrastructure to enable internal auditors add value in the digitalised environment.

Harriet Akua Karikari, President of Institute of Internal Auditors Ghana, in her welcome remarks, said the conference would enable internal auditors to share innovative ideas and insights to elevate the profession and contribute their quota towards national development.

She said the Institute had adopted digitalisation and technological solutions in its operations and governance structures to promote efficiency.

The use of artificial intelligence, data mining and data analytics were norms with a significant impact on how organisations operate and, would, therefore, take advantage to enhance public fiscal management and accountability, she said.

Mrs Karikari gave the assurance that the Institute would provide an independent assessment to
Senior-level government officers to facilitate decision-making in a digitalised environment.

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