Internal audit function, a game-changer, says RBM Governor

Reserve Bank of Malawi Governor Wilson Banda has opened this year’s Institute of Internal Auditors (IIA) Annual Lakeshore Conference in Mangochi with a call to organisations to deploy the internal audit function as a game- changer.

He said those that view internal auditors the same as investigators need to be enlightened that internal audit provides assurance on how a business is run and managed.

He said: “The role of an internal auditor is, to say the least, more important in providing the board of directors and the audit committee assurance in relation to areas of governance, risk management and control processes.”

Banda said internal auditors expect corporate leaders to be honourable and trustworthy, but added that there will always be some exceptions.

He said there are always “bad apples” in any system and that some leaders, due to greed or selfish motives, engage in fraudulent activities, as such, there is need for someone within the organisation to be the eyes and ears to deter such ill-minded leaders from causing financial or reputational damage.

In his remarks, IIA-Malawi president Dickson Chisambira said this year’s conference theme ‘Today and Beyond–The Future of Internal Audit in the Dyanamic World’ was carefully selected considering the events happening in the country.

“When we were starting this year, we were excited and had high expectations that the world economy will recover from the devastating effects of the Covid-19 pandemic and that our organisations will flourish again, ” he said.

Chisambira said many economies have registered negative growth rates and there are fears that the world economy could experience a recession.

The four-day conference has attracted more than 300 delegates from the public and private sectors and some from abroad.