Revised audit standards to improve governance
The Institute of Internal Auditors in Malawi (IIA-Mw) has said revised internal audit standards will improve corporate governance in the country.
IIA-Mw vice-president Andy Chitete said this on the sidelines of a workshop on the revised internal audit standards held in Blantyre last week.
“Corporate governance is one of our tenets and the revised standards will make our auditors sharper, reduce corrupt practices and improve performance of organisations.
“Most organisations lose resources to non compliance to internal audit standards and we urge such institutions to follow the revised standards,” he said.
The International Internal Audit Standards Board (IIASB) approved the standard last year.
The standards, among other things, establish the basis for evaluation of internal audit performance and foster improved organisational processes and operations.
During the workshop, Chitete said as business environment change, internal auditing profession should also follow suit.
He pointed out that it is the intent of the IIASB to propose changes to the standards to substantively improve the practice of internal auditing.
The workshop attracted participants from the Malawi Revenue Authority (MRA), Reserve Bank of Malawi (RBM), Nico Holdings Limited and Malawi Union of Savings and Credit Cooperatives Limited (Muscco).
