In an effort to strengthen public financial accountability, the Public Financial Management (PFM) Act, 2016 (Act...

 

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In an effort to strengthen public financial accountability, the Public Financial Management (PFM) Act, 2016 (Act 921) has introduced Audit Committee in the covered entities as part of public financial governance infrastructure to replace the Audit Report Implementation Committee (ARIC). Many experts hold the view that ARIC did not perform well due to lack of independence and legal framework. To address these lapses, the PFM Act paid attention to the composition of the Audit Committee and empowers the Minister of Finance to issue regulations for the effective functioning of the Audit Committee. A good number of Audit Committees have since been inaugurated and operational. Required: i) Describe the relevance of Audit Committee to Ghana. Explain the concepts of: ii) E iii) iv) v) • Entry Conference and Exit Conference and its relevance to Audit and drafting of Audit report. Describe the composition of the Audit Committee and explain how the structure of the committee could enhance the effectiveness of public financial governance. Explain the responsibilities of Audit Committee enshrined in the PFM Act and related guidelines issued by the Minister of Finance. Audit Committee as enshrined in the PFM Act and the related guidelines issued by the Minister Finance; Suggest the ways by which the Audit Committee can be more effective. In an effort to strengthen public financial accountability, the Public Financial Management (PFM) Act, 2016 (Act 921) has introduced Audit Committee in the covered entities as part of public financial governance infrastructure to replace the Audit Report Implementation Committee (ARIC). Many experts hold the view that ARIC did not perform well due to lack of independence and legal framework. To address these lapses, the PFM Act paid attention to the composition of the Audit Committee and empowers the Minister of Finance to issue regulations for the effective functioning of the Audit Committee. A good number of Audit Committees have since been inaugurated and operational. Required: i) Describe the relevance of Audit Committee to Ghana. Explain the concepts of: ii) E iii) iv) v) • Entry Conference and Exit Conference and its relevance to Audit and drafting of Audit report. Describe the composition of the Audit Committee and explain how the structure of the committee could enhance the effectiveness of public financial governance. Explain the responsibilities of Audit Committee enshrined in the PFM Act and related guidelines issued by the Minister of Finance. Audit Committee as enshrined in the PFM Act and the related guidelines issued by the Minister Finance; Suggest the ways by which the Audit Committee can be more effective.

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i The relevance of the Audit Committee to Ghana lies in its role in strengthening public financial accountability and governance By replacing the Audit Report Implementation Committee ARIC the Audit C... View the full answer