Objectives

By the end of this session, you should be able to:

1. state the composition of Public Account Committee of Parliament
2. explain the functions of the Public Account Committee of Parliament
3. state the composition of Public Finance Committee of Parliament
4. explain the functions of Public Finance Committee of Parliament

Now read on…

5.1 Public Account Committee

5.1.1 Establishment of the Public Account Committee

The Public Account Committee is a committee of Parliament established under the standing orders of Parliament.

5.1.2 Composition of the Public Account Committee

• The Public Account Committee is a 25 member committee made up proportionate membership of majority and minority in Parliament.
• The chairperson of the Committee is selected from the minority side of the House.

5.1.3 Functions of the Public Account Committee

The Public Account Committee has a responsibility to;

• Obtain Audit Reports on Public entities from the Auditor-General through the Speaker of the House.
• Review the Reports and investigate financial irregularities reported by the Auditor-General in the Report.
• Submit Report on the findings and recommendations to Parliament for approval. 4) Conduct a follow-up on the extent of implementation of their recommendations.

5.2 Public Finance Committee

5.2.1 Establishment of the Public Finance Committee

The Public Finance Committee is a committee of Parliament established under the standing orders of Parliament. 

5.2.2 Composition of the Public Finance Committee

• The Public Finance Committee is a 25-member committee made up proportionate membership of majority and minority in Parliament.
• The chairperson of the Committee is selected from the majority side of the House.

5.2.3 Functions of the Public Finance Committee

The Public Finance Committee has a responsibility for;

• Receiving and reviewing Financial Proposal (Finance Bill).
• Examining and reviewing loan agreements of government. 3) General oversight over Public Financial Management.

Self-Assessment Questions

Exercise 6.5

1. State the compositions of the Public Account Committee.
2. State the composition of the Public Finance Committee.
3. State three responsibilities of the Public Account Committee.
4. State three functions of the Public Finance Committee.

SAUDIT COMMITTEES

Objectives

By the end of this session, you should be able to:

1. describe of the purpose of the Audit Committee
2. state the composition of Audit Committee
3. explain the functions of the Audit Committee

Now read on…

6.1 Establishment of the Audit Committee

• There is established by this Act, an Audit Committee that serves one particular

covered entity or any other covered entities in a sector.

• For the purpose of subsection (1), the Minister shall, by Regulations, specify;
  1. The number of Audit Committee to be established in each sector.
  2. The qualification for appointment to an Audit Committee
  3. The funding of Audit Committee
  4. The procedure for meetings of an Audit Committee

6.1.1 Composition of Audit Committee 87.

• An Audit Committee consists of five members
• The majority of members of an Audit Committee shall be independent members.
• The internal Audit Agency and the Institute of Chartered Accountants, Ghana shall nominate the majority of members from among persons who do not work in the covered entity to which the Audit Committee relates and two other members shall be nominated by the Principal Account Holder.
• The chairperson of an Audit Committee shall be elected from among the independent members of the Committee.
• Without limiting subsection (2), an Audit Committee may, in the performance of its functions under this Act, co-opt some senior management personnel to serve on the Audit Committee.
• The Principal Account Holder shall appoint the chairperson and member of an Audit Committee.

6.1.2 Functions of the Audit Committee 88.

• An Audit Committee shall ensure that the head of a covered entity, to which the

Audit Committee relates,

1. Pursue the implementation of any recommendation contained in ;
   1. An Internal Audit Report.
   2. Parliament’s decision on the Auditor-General’s report;
      1. Auditor-General’s Management Letter
      2. The report of an internal monitoring unit in the covered entity concerned particularly, in relation to financial matters raised
   3. Prepares an annual statement showing the status of implementation of any recommendation contained in;
      1. An Internal Audit Report.
      2. Parliament’s decision on the Auditor-General’s report. iii. Auditor-General’s Management Letter.
   4. The Report on financial matters raised in an internal monitoring unit of a covered entity.
   5. Any other related directive of Parliament.

• An annual statement required under subsection (1) (b) shall;
  1. Indicate the remedial action taken or proposed to be taken to avoid or minimize the recurrence of an undesirable feature in the accounts and operations of a covered entity.
  2. Indicate the period for the completion of the remedial action.
  3. Be endorsed by the relevant sector Minister and forwarded to the Minister, Parliament, Office of the President and the Auditor-General within six months after the end of each financial year.

Self-Assessment Questions

Exercise 6.6

1. Outline the purpose of the Audit Committee.
2. State the composition of the Audit Committee.
3. State four functions of Audit Committee.

 

 

 Objectives

By the end of this session, you should be able to:

1. state the composition of Public Account Committee of Parliament
2. explain the functions of the Public Account Committee of Parliament
3. state the composition of Public Finance Committee of Parliament
4. explain the functions of Public Finance Committee of Parliament

Now read on…

5.1 Public Account Committee

5.1.1 Establishment of the Public Account Committee

The Public Account Committee is a committee of Parliament established under the standing orders of Parliament.

5.1.2 Composition of the Public Account Committee

• The Public Account Committee is a 25 member committee made up proportionate membership of majority and minority in Parliament.
• The chairperson of the Committee is selected from the minority side of the House.

5.1.3 Functions of the Public Account Committee

The Public Account Committee has a responsibility to;

• Obtain Audit Reports on Public entities from the Auditor-General through the Speaker of the House.
• Review the Reports and investigate financial irregularities reported by the Auditor-General in the Report.
• Submit Report on the findings and recommendations to Parliament for approval. 4) Conduct a follow-up on the extent of implementation of their recommendations.

5.2 Public Finance Committee

5.2.1 Establishment of the Public Finance Committee

The Public Finance Committee is a committee of Parliament established under the standing orders of Parliament. 

5.2.2 Composition of the Public Finance Committee

• The Public Finance Committee is a 25-member committee made up proportionate membership of majority and minority in Parliament.
• The chairperson of the Committee is selected from the majority side of the House.

5.2.3 Functions of the Public Finance Committee

The Public Finance Committee has a responsibility for;

• Receiving and reviewing Financial Proposal (Finance Bill).
• Examining and reviewing loan agreements of government. 3) General oversight over Public Financial Management.

Self-Assessment Questions

Exercise 6.5

1. State the compositions of the Public Account Committee.
2. State the composition of the Public Finance Committee.
3. State three responsibilities of the Public Account Committee.
4. State three functions of the Public Finance Committee.

SAUDIT COMMITTEES

Objectives

By the end of this session, you should be able to:

1. describe of the purpose of the Audit Committee
2. state the composition of Audit Committee
3. explain the functions of the Audit Committee

Now read on…

6.1 Establishment of the Audit Committee

• There is established by this Act, an Audit Committee that serves one particular

covered entity or any other covered entities in a sector.

• For the purpose of subsection (1), the Minister shall, by Regulations, specify;
  1. The number of Audit Committee to be established in each sector.
  2. The qualification for appointment to an Audit Committee
  3. The funding of Audit Committee
  4. The procedure for meetings of an Audit Committee

6.1.1 Composition of Audit Committee 87.

• An Audit Committee consists of five members
• The majority of members of an Audit Committee shall be independent members.
• The internal Audit Agency and the Institute of Chartered Accountants, Ghana shall nominate the majority of members from among persons who do not work in the covered entity to which the Audit Committee relates and two other members shall be nominated by the Principal Account Holder.
• The chairperson of an Audit Committee shall be elected from among the independent members of the Committee.
• Without limiting subsection (2), an Audit Committee may, in the performance of its functions under this Act, co-opt some senior management personnel to serve on the Audit Committee.
• The Principal Account Holder shall appoint the chairperson and member of an Audit Committee.

6.1.2 Functions of the Audit Committee 88.

• An Audit Committee shall ensure that the head of a covered entity, to which the

Audit Committee relates,

1. Pursue the implementation of any recommendation contained in ;
   1. An Internal Audit Report.
   2. Parliament’s decision on the Auditor-General’s report;
      1. Auditor-General’s Management Letter
      2. The report of an internal monitoring unit in the covered entity concerned particularly, in relation to financial matters raised
   3. Prepares an annual statement showing the status of implementation of any recommendation contained in;
      1. An Internal Audit Report.
      2. Parliament’s decision on the Auditor-General’s report. iii. Auditor-General’s Management Letter.
   4. The Report on financial matters raised in an internal monitoring unit of a covered entity.
   5. Any other related directive of Parliament.

• An annual statement required under subsection (1) (b) shall;
  1. Indicate the remedial action taken or proposed to be taken to avoid or minimize the recurrence of an undesirable feature in the accounts and operations of a covered entity.
  2. Indicate the period for the completion of the remedial action.
  3. Be endorsed by the relevant sector Minister and forwarded to the Minister, Parliament, Office of the President and the Auditor-General within six months after the end of each financial year.

Self-Assessment Questions

Exercise 6.6

1. Outline the purpose of the Audit Committee.
2. State the composition of the Audit Committee.
3. State four functions of Audit Committee.