May 2018 Q5 b.
State and Explain TWO functions each performed by the following institutions in ensuring value for money and accountability in the public sector of Ghana: (4 marks)
i) Public Accounts Committee (PAC) of Parliament.
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- To scrutinize the audit reports submitted to Parliament by the Auditor-General and conduct investigations into the cases of financial irregularities contained in the AG’s Report;
- To submit report to Parliament on their work indicating the findings and recommendation for consideration of the house; and
- To make a follow up on the implementations of the recommendation.
ii) Audit Committees of MDAs and MMDAs.
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- To ensure that the head of a covered entity pursues the implementation of any recommendation contained in an internal audit report; Parliament’s decision on the Auditor-General’s report; Auditor-General’s Management Letter; and the report of an internal monitoring unit in the covered entity concerned particularly, in relation to financial matters raised.
- To ensure that the head of a covered entity prepares an annual statement showing the status of implementation of any recommendation contained in an internal audit report; Parliament’s decision on the Auditor-General’s report; Auditor-General’s Management letter; the report on financial matters raised in an internal monitoring unit of a covered entity; and any other related directive of Parliament.
- To perform other advisory function in relation to internal control systems, risk management and compliance to rules, procedures and policies.