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Petroleum Commission CEO Egbert Faibille Jr, wins IAA “2022 Best Head of Covered Entity Award”

The chief executive of the Petroleum Commission, Egbert Faibille Jnr

Chief Executive Officer of the Petroleum Commission, Egbert Faibille Jr, has been adjudged as winner of the coveted Internal Audit Agency (IAA), “Best Head of Covered Entity (Ministries, Departments and Agencies (MDAs) category), in the agency’s annual awards to institutions.

The award is designed by the IAA to recognize heads of Ministries, Departments, and Agencies for their timely implementation IAA audit recommendations in their institutions and their continuous support for the internal audit units and audit committees of their institutions.

Award recipient

In a letter to Mr Faibille, dated 12 August 2022 and signed by Dr. Eric Oduro Osae, Director General of IAA, the award will be presented on Thursday 18 August 2022, during the 2022 Internal Audit Conference at the University of Professional Studies, Accra (UPSA).

Egbert Faibille Jr, has served as CEO of the Petroleum Commission, which was established by an Act of Parliament, 2011 (Act 821) as a result of hydrocarbon discoveries in commercial quantities, to regulate and manage the utilization of petroleum resources and, coordinate the policies in the upstream petroleum sector, since 2017.

Mr Faibille, is credited with transforming the Petroleum Commission and ensuring that the country’s upstream petroleum sector stays profitable and adequately regulated.

The IAA

As part of the reforms under the Public Financial Management Reform Programme in Ghana, a scoping study for the establishment of internal control audit functions in Ministries, Departments and Agencies and Metropolitan, Municipal and District Assemblies was carried out.

It resulted in proposals for the establishment of a Central Internal Audit Agency to enhance efficiency, accountability and transparency in the management of resources in the Public Sector.

The Internal Audit Agency is a Public Service institution established by the Internal Audit Agency Act, 2003 (Act 658). The Agency exist as a Central Agency with the object to co-ordinate, facilitate and provide quality assurance for internal audit activities within the Ministries, Departments and Agencies and the Metropolitan, Municipal and District Assemblies.

Agency functions

Section 3 of Act 658 which describes the functions of the Agency, states that; “The Agency shall set standards and procedures for the conduct of internal audit activities in the MDAs”.

The Agency is enjoined to ensure that financial, managerial and operating information reported internally and externally is accurate, reliable and timely and that “the financial activities of MDAs and MMDAs are in compliance with laws, policies, plans, standards and procedures”.

The IAA is also required to provide a means for keeping MDAs and MMDAs fully and currently informed about problems and deficiencies related to the administration of their programmes and operations and the necessity for appropriate corrective action as well as to monitor, undertake inspections and evaluate the internal auditing of MDAs and MMDAs.

Wilberforce Asare

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