The Ghana Water Ltd (GWL) has taken a significant step towards enhancing its governance and financial management practices by inaugurating a new Audit Committee. This five-member committee, chaired by Hon. Gladys Gillian Naadu Tetteh, a recognized expert in governance and public financial management, is established in accordance with the Public Financial Management (PFM) Act, 2016 (Act 921). The committee’s mandate encompasses a broad range of responsibilities, including overseeing the implementation of audit recommendations, both internal and external, monitoring the integrity of financial reporting processes, ensuring adherence to all relevant laws and policies, and providing expert advice to GWL management on risk mitigation strategies. Essentially, the committee functions as an advisory body, working in close collaboration with management to establish robust internal control systems and proactively identify any potential warning signs that could compromise operational efficiency or financial integrity.
The inauguration ceremony, presided over by GWL Managing Director Adam Mutawakilu, highlighted the critical role of the Audit Committee in fostering transparency and accountability within the organization. Mr. Mutawakilu emphasized the national importance of these principles, echoing President John Mahama’s call for public servants to exemplify accountability and responsible leadership. He underscored the committee’s alignment with the broader national agenda championed by President Mahama, which aims to promote transparency, integrity, and good governance across the public sector. Mr. Mutawakilu specifically referenced the President’s plans to introduce a Code of Conduct for individuals in positions of trust, further reinforcing the government’s commitment to ethical leadership and responsible management of public resources. He stressed that GWL is committed to embodying this national vision by strengthening internal controls, enhancing financial oversight, and ensuring the highest standards of integrity in all its operations.
Mr. Mutawakilu positioned the inauguration of the Audit Committee not merely as a statutory obligation under the PFM Act, but as a strategic initiative to elevate GWL’s financial governance and internal control practices. He emphasized the committee’s importance in ensuring compliance with public financial management regulations, enabling GWL to operate with transparency and accountability, thereby building public trust. He outlined the expectation for close collaboration between the committee, management, and internal audit units to bolster the risk management framework and effectively implement audit recommendations from both internal and external sources. The overarching goal, he stated, is to ensure GWL’s continued operation with integrity and transparency in fulfilling its core mandate of providing potable water to the Ghanaian public.
Dr. Eric Oduro Osae, Director-General of the Internal Audit Agency (IAA), officially inducted the committee members and emphasized their dual role of oversight and advisory support. He charged the committee with proactively assisting management in implementing audit recommendations and conducting regular reviews of internal systems before external audits take place. He clarified that the committee’s role is not that of whistleblowers, but rather as a supportive structure guiding management to preemptively address potential issues. Dr. Osae stressed the importance of internal audit providing early warning signals, rather than waiting for external auditors to uncover weaknesses. He highlighted the statutory requirement under the PFM Act for the Audit Committee to submit an annual status of implementation report to the President, with copies also submitted to Parliament, the Auditor-General, and the Internal Audit Agency, urging timely submission of the 2024 report.
Furthermore, Dr. Osae informed the committee about new policy directives for State-Owned Enterprises (SOEs), including the revision of risk-based audit work plans. He tasked the GWL Audit Committee with aligning their work with these new expectations, emphasizing that their performance would be evaluated based on the quality of their reports and their contribution to strengthening GWL’s systems. He also encouraged active participation in entrance and exit meetings with external auditors, recognizing these engagements as valuable opportunities to identify and rectify any gaps before the issuance of final audit reports. He reiterated that the committee’s responsibilities extend beyond mere compliance, encompassing a crucial role in supporting the institution in building robust internal control mechanisms and sound financial systems.
In her inaugural address, Madam Gladys Gillian Naadu Tetteh, the committee Chairperson, pledged the committee’s commitment to collaborate with management and other stakeholders to uphold the organization’s integrity and enhance financial oversight and compliance levels at GWL. Madam Tetteh, who also chairs audit committees for other state institutions like the Ghana Prisons Service, commended GWL’s track record of maintaining a clean financial standing, attributing this achievement to the outgoing Audit Committee and the management team. She emphasized the importance of building upon this legacy and called for a collaborative approach between the committee, management, and internal auditors to safeguard GWL’s financial health and ensure the prudent utilization of public resources. Her remarks underscored the committee’s dedication to continuing the tradition of strong financial governance at GWL.
