The Institute of Internal Auditors in Malawi (IIAM) has urged its members to reposition themselves to ably review, advise and give assurance on governance structures for the economic transformation of the country.
IIAM immediate-past president Thokozire Kuwali made the call on Friday during the official opening of the institute’s Annual Lakeshore Conference in Mangochi held under the theme ‘Good Corporate Governance: Key to Economic Transformation’.
She said it is difficult to talk about transformation if governance structures are neither efficient nor effective.
“Our society is marred with kickbacks, bribes and corruption. This is derailing the country’s economy and we can’t sit back and watch. The procurement sector is the most hit and places internal auditors at a place where they can’t turn a blind eye but act swiftly.
“It is, therefore, necessary to understand the evils that are associated with these malpractices to ably advise or detect to ensure organisations’ goals are achieved without tarnishing their reputation. Time has come, for us [internal auditors] to quicken our performance so that we remain relevant in the ever-changing world,” she said.
She, however, said lack of legal instruments to govern internal auditors in Malawi is a huge challenge, especially when it comes to enforcing discipline among internal auditors In his call, IIA global president and chief executive officer Richard Chambers urged internal auditors to learn to audit at a speed of risk so as to keep pace with the risks organisations face