The Internal Audit Agency of the Government of Liberia says it has formulated a full Internal Audit Compliance Program for crisis management, aimed at ensuring accountability for the usage of public funds and assets during crisis period.
According to a press release, the document, which is coined Internal Controls Programs for Public Funds during Crisis Management, seeks to ensure that internal and operational verifications are effected to curtail leakages of funds to disaster and incidence-related catastrophes.
Relying on Part 2 section 2.2 (b) of the Act establishing the Internal Audit Agency of Liberia, which mandates the IAA to promulgate and ensure that common internal audit standards and systems are established and maintained, the institution believes that said Internal Audit Compliance document will, among other things, safeguard the usage of resources and maintenance of assets granted by the Government of Liberia and foreign partners.
The Internal Audit Compliance document places strong emphasis on Governance, Payroll and Personnel Management, as well as Procurement Controls. Other areas of focus include: Bank Accounts and Reconciliation, Accounting and Budgetary Controls, Assets and Inventory Management, among others.
Moreover, within the matrix are risks encountered, ranking for vulnerabilities and impacts together with the related controls for crisis management.
The IAA is hopeful that personnel and/or public servants who have been designated to manage the ongoing crisis will adequately utilize the procedures contained in the Internal Audit Compliance document to provide full accountability for public funds being directed at the COVID-19 pandemic. Press Release