The Internal Audit Agency (IAA) was established by the Internal Audit Agency Act 2003 (Act 658) with a mandate to co-ordinate, facilitate and provide quality assurance for Internal Audit Units in MDAs and MMDAs.The key requirements of the Act are the provision of internal auditing assurance and consulting services that will ultimately lead to the enhancement of efficiency, accountability and transparency in the management of resources in the public sector.The creation of the Internal Audit Agency was predicated on the need for the Government to put in place a structure that could support the eventual transfer of budgetary authority and expenditure control to the MDAs and MMDAs. These initiatives are part of the government's efforts under the Public Financial Management Reform Programme (PUFMARP).The Act received Presidential assent on 31 December 2003, Administrative transition was allowed up to 31 August 2004 and effective implementation started in 2005.The governing body of the Agency is the Board which was sworn in on August 4, 2004. It comprises a membership of nine drawn from the public sector, the private sector and the Institute of Chartered Accountants (Ghana).