Audit Committee

The Audit Committee is a high-level corporate governance committee with the majority of members appointed as external members from among persons who do not work in the covered entity to which the Audit Committee relates. The Committee supports and ensures that the Internal Audit Directorate (IADs) functions effectively.

The Audit Committee also ensures that the head of the covered entity pursues the implementation of recommendations contained in both external and internal audit reports, Parliament’s decisions on the Auditor General’s reports as well as the reports of Internal Monitoring Units. Apart from the above mandatory and statutory roles, the Audit Committee also performs advisory roles particularly on governance and other risk management practices in strengthening the internal control mechanisms of the University.

Section 87 of the Public Financial Management Act, 2016 (Act 921) requires an Audit Committee of a covered entity to be composed of five members. The majority of the members are independent from the covered entity. Independent Members of the Committee serves for not more than two terms of two years each.

The Committee is currently chaired by Mr. Ransford Agyei, the immediate past Director-General of the Internal Audit Agency. The other independent members are Mr. Alfred Osei Kwame and Mrs. Patience M. Dzikunoo. The Governing Council is also represented by Dr. Mrs. Alberta Bondzi-Simpson and Mrs. Catherine Appiah-Pinkrah.

The Audit Committee in the discharge of its roles and responsibilities, is authorized and entitled to unrestricted access to management, employees and all relevant records, books, vouchers and other documents relating to the audit report of the covered entity under discussion, obtain professional advice from relevant government organizations, when necessary, authorize investigations into any matters within its scope of responsibility and resolve any disagreements between management and the internal auditor.

Further to the reporting requirements under Section 88 (1b) and 88 (2) of Act 921, the Audit Committee is required to annually submit a report on its activities to the Office of the President, Sector Ministry, Ghana Audit Service, and the Internal Audit Agency.

In addition, the Committee, on a quarterly basis, reports to the Governing Board of the University on its operations and confirm that all required functions have been satisfactorily addressed. The Audit Committee may, at any time, report to the Principal Account Holder on any other matter it deems sufficiently important.

The Internal Audit Agency periodically reviews the performance of the Audit Committee members and recommend (where appropriate) for removal or replacement of the Committee members.

Audit Committee is recognized under the Public Financial Management Act 2016 (Act 921) and plays an important role in the management of university. In order to be effective in the discharge of its responsibilities, an Audit Committee requires the support of all relevant stakeholders, especially top Management and the Governing Board