Institute of Internal Auditors Malawi (IIAM) has pledged to improve internal audit functions to align with international standards to ably review, advise and give assurance on governance structures.
IIAM president Ackson Banda said this on the sidelines of a three-day workshop for internal auditors who would later on train others on quality assessment reviews.
“In Malawi, we have been relying on foreigners to do these assessments and in the process losing out on profitability as companies have to spend a lot to bring these people in the country.
“These are the people who will be delivering the services in the country be it those within organisations and those providing outsourced services in terms of audit functions,” said Banda.
He said Malawi has not been benchmarking well in terms of best audit practices, citing costs of outsourcing as the major reason. He said this has limited the effectiveness and efficiency of the function.
Banda said those trained will train their colleagues in internal audit functions in various organisations to advise on how to comply with best practices to ensure best results.
The training facilitator, South Africa-based private practice internal auditor Martin Grobbler said internal auditors need to be equipped with best practices as they are a strategic partner to companies and organisations.
“Internal auditors have the potential to make significant impact in terms of the way organisations achieve objects, pervasive risks, identify opportunities and manage risks,” said Grobbler, an accomplished internal auditor who sits on various internal audit boards across Africa.
Among others, the trainees were trained on the importance of and understanding stakeholder needs to understand business and align and focus the internal audit approach to the strategic goals of an organisation.