The Cocoa Marketing Company (Ghana) Limited (CMC) has established a new Statutory Audit Committee aimed at bolstering corporate governance, accountability, and internal controls. This move is part of efforts to ensure stronger oversight and sustainable institutional performance. The inauguration ceremony was attended by members of management, the Internal Audit Agency, and officials from internal audit, legal, and finance departments.
The Managing Director of CMC emphasized the importance of the Audit Committee in the company's governance and assurance framework. He highlighted that while pursuing profitability and operational efficiency, CMC must also prioritize sound governance, effective internal controls, transparency, and accountability. The Managing Director stressed that the Audit Committee should work constructively with management to identify weaknesses and address audit findings.
The newly constituted Committee was formally sworn into office, with members taking the Oath of Office and Secrecy. Mr. Kwame Ampim-Darko was elected as the Chairperson of the Committee. In his acceptance remarks, he pledged to discharge the Committee's mandate with professionalism, independence, integrity, and diligence. The Committee aims to strengthen internal controls, risk management, and credible financial reporting.
The Director-General of the Internal Audit Agency described the Audit Committee as a critical component of the public-sector assurance framework. He urged the Committee to examine the root causes of identified weaknesses and associated risks, rather than simply confirming the implementation of audit recommendations. He emphasized that good governance and compliance are essential for sustainable performance.
The inauguration ceremony also recognized the contribution of the outgoing Audit Committee and marked the beginning of the new Committee's mandate. The new Committee is expected to strengthen CMC's oversight framework, contributing to improved accountability, risk management, and internal controls. This move is anticipated to enhance the company's sustainable performance.
The Cocoa Marketing Company, as a commercially oriented State-Owned Enterprise, operates in the cocoa industry in Ghana. The establishment of the new Audit Committee reflects the company's commitment to best practices in corporate governance and accountability. The Committee's work will be crucial in ensuring that CMC operates efficiently and effectively.
The inauguration of the new Statutory Audit Committee is a significant step towards enhancing governance and oversight at the Cocoa Marketing Company. With the Committee's establishment, CMC is poised to improve its internal controls, risk management, and financial reporting. The company's management and stakeholders have expressed confidence in the Committee's ability to drive positive change.
Key points
- The Cocoa Marketing Company in Ghana has established a new Statutory Audit Committee to enhance corporate governance and accountability.
- The Committee aims to strengthen internal controls, risk management, and credible financial reporting.
- The new Committee's establishment reflects CMC's commitment to best practices in corporate governance and accountability.
