He said, soon, they would be required to send payroll validation report to the IAA for follow ups and validation.

Dr Oduro Osae said this at the swearing in of Audit Committee Members for the Ministry of Employment and Labour Relations in Accra.

The Committee is chaired by Dr Abdulai Alhassan, from the Institute of Chartered Accountants, and has Mr Martin Adjei and Mrs Patience Adwoa Hanson, both form the Internal Audit Agency as members.

The rest are: Mr Hayford Amoo and Emmanuel Adjorle, both from the Ministry of Finance, and the Committee Secretary, Mrs Faustina Teiko Dankyi, from the Ministry of Employment and Labour Relations.

Dr Oduro Osae urged the Committee to support Management of the Ministry to implement recommendations on audit reports and develop working relationship with audit committees of departments and agencies under the Ministry.

“Even as you work with the Ministry at the national level, work with its departments and agencies because anything that affects them affects the Ministry. This way, you carry the leadership along and would help you know what happens at those areas,” he added.

The Director-General commended the outgoing Committee for working hard to ensure reductions in financial misappropriation at the Ministry.

Dr Oduro Osae said per last year Auditor General’s report, the Ministry had only two infractions, adding that the infractions were by departments under it.

The infractions, he said, included the non-settlement of compensation to injured workmen totaling about GH¢1.4million and the disbursements from the Integrated Community Centre for Employable Skills from resources an agency received instead of paying it into the consolidated fund.

He, therefore, charged the new Committee to look into the issues and ensure that such infractions were curtailed.

The purpose of a company's audit committee is to provide oversight for the financial reporting process, the audit process, the company's system of internal controls and compliance with laws and regulations.