A forensic audit commissioned into the financial operations of theInter-Ministerial Coordinating Committee on Decentralisation (IMCCOD) has identified weaknesses in financial controls, undocumented transactions and investment discrepancies while recommending that officials responsible for irregularities be held accountable.

Speaking on the Asaase Breakfast Show on Tuesday (14 July), Asaase Radio’s Head of Legal and Political Desk, Wilberforce Asare, said the investigative audit covered the period from 1 August 2022 to 2 February 2025.

According to him, the draft report, prepared by KDK and Associates at the request of the current Executive Secretary, Dr Gameli, sought to determine whether the committee’s income, expenditure and investment transactions complied with the Public Financial Management Act and the Public Procurement Act.

Asare explained that auditors reviewed four bank accounts operated by the secretariat, alongside payment vouchers, bank statements, investment certificates, audit reports and other financial records.

Among the findings, he said auditors discovered that the institution relied solely on Microsoft Excel rather than an accounting software system to record financial transactions.

According to the report, this exposed the organisation to data integrity risks, weak access controls and poor backup practices.

The audit further found varying levels of documentation supporting withdrawals from the institution’s bank accounts.

For one Apsa Bank account, 99.75% of withdrawals in 2022 were properly documented, while documentation dropped to 97% in 2023 before improving to 100% in 2024.

However, transactions through one Zenith Bank account showed higher levels requiring clarification or lacking adequate supporting documentation.

The auditors also reviewed the institution’s investment portfolio and identified shortfalls in returns on some investments.

Based on the findings, KDK and Associates recommended the installation of proper accounting software, stricter internal controls over expenditure approvals and mandatory verification of supporting documents before funds are released.

The report also recommended that individuals responsible for financial irregularities be surcharged or required to refund misappropriated funds where appropriate.

According to Asare, the report states that responsibility for the identified irregularities rests primarily with the former Executive Secretary and the accountant who authorised or facilitated non-compliant transactions.