It will also review its activities and ensure that no unjustified restrictions or limitations are placed on the Internal Auditors.
Furthermore, it will help to promote the effective functioning of the Internal Audit Unit and follow up on the implementation of audit recommendations to ensure efficient and effective utilization of public resources in line with the objectives of the Public Financial Management Act.
Inaugurating the committee, Mrs Nancy Thompson, Chairperson of the UCC Governing Council, said the appointment of the Committee was in fulfilment of Section, 86(1) of the Public Financial Management Act, 2016 (Act 921), Section 30(1) of the Audit Service Act, 2000 (Act 584).
That Act required all institutions subject to auditing by the Auditor-General to establish Audit Committees.
She said the Committee has been mandated to annually prepare statements showing the status of implementation of any recommendation contained in all audit reports of the Auditor-General which have been accepted by Parliament and any other related directives from Parliament.
Mrs Thompson urged them to be objective and discharge their duties with commitment, diligence, professionalism, transparency and teamwork.
“In executing your responsibilities, members and secretarial staff may have access to confidential information. Therefore, it is important to maintain strict confidentiality of proceedings and materials to the fullest extent” she said.
She expressed confidence that the Committee would be a major organ through which corruption could be reduced and called on members to bring their knowledge, expertise and experience to bear.
Mr Ransford Agyei, the Acting Director General of the Internal Audit Agency, said the establishment of the audit committees would ensure public accountability, transparency, efficient operational and financial performance and safeguard the judicious use of public assets.
He said the Committee had authority to conduct or authorise investigations into any matter within its scope or responsibility so as to champion transparency and accountability at the university.
Mr Agyei urged members of the Committee to acquaint themselves with the laws, policies and rules that govern the establishment of the university as well as the PFM Act 921.
The Chairman, Professor Omane Antwi on behalf of the Committee implored the internal auditors and the entire university community to provide them with the needed information that would help them provide insightful guidance to the Vice Chancellor and the university’s governing council.
He said the committee would operate in an environment of cooperation and trust and discharge their duties as the law required.