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Friday, November 28, 2014
   
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Internal Audit Secretariat Bill Lands At Capitol

Grand Gedeh county Representative Alex C. Grant February 5 submitted a bill praying the indulgence of his colleagues to pass into law an act to establish an Internal Audit Secretariat (IAS) in Liberia.

 Rep. Alex C. Grant

The bill seeks to strengthen internal audit and internal financial controls within institutions of government.

In a communication read during Tuesday’s Plenary, Representative Grant stressed the need for the Liberian government to have a comprehensive internal audit function, so as to strengthen risk management, governance and control wasteful financial activities in government.

The Grand Gedeh Lawmaker argued that there was a compelling need for Liberia to establish such an autonomous body, as it is part of international best practice.

When enacted into law, the IAS shall establish and direct internal audit functions within all branches of government including the Executive, Legislature and judiciary.

The Secretariat shall promulgate and ensure that common internal audit standards and systems in keeping with best practices are established and maintained.

The Bill, a copy of which is in the possession of this paper, shall manage the activities of internal audit functions in all entities of government so as to ensure a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, control and governance.

It will also incorporate internal audit results into the priority-setting, planning and decision-making processes of all ministries and agencies. The function of the IAS is to ensure that financial, managerial and operating information reported internally and externally is accurate.

The Bill further seeks to ensure that financial operational activities of government are in compliance with laws, policies, plans, standards and procedures that are applicable to them.

The secretariat is shall be headed by a director General who must be a professionally qualified account and a member of a national accountancy body that is a member of the international federation of accountants.

The Director General shall be assisted by at least one deputy and such other as shall be deemed necessary by the Director General.

As part of the rules of the House of Representatives, upon the first reading, all bills shall be sent to committee for appropriate action following which the committee members shall report to Plenary.

Predicated upon this, the bill was turned over to the committees on judiciary and ways, means and finance for further actions.

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0 #1 Isaac O. Ross 2013-02-20 19:28
A very big thanks to Representative Grant for his farsightedness. Liberia needs to be on parellel with other country that are practicing international Financial best practice. This is while I will always hail my role model Honorable, Minister Augustine Kpehe Ngafua.
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