The institute of Internal Auditors (IIA) Malawi has lamented increased cases of fraud and corruption in both the public and private sectors, saying it is emanating from low adherence to internationally set standards among professionals.
IIA-Malawi president Paul Nyirenda made the observation on the sidelines of a workshop on Lean Six Sigma Tools for internal audit fieldwork in Blantyre on Friday.
The training was meant to equip internal audit practitioners with skills to enhance audit effectiveness, among others.
He said existing loopholes have led to a spate of fraudulent practices in both the public and private sectors which would be addressed if internal auditors are equipped with modern tools.
“Internal auditors can play a pivotal role in analysing the business processes when conducting their work so as to promote efficiency and effectiveness,” he said.
Nyirenda said exposure to internationally set standards has proven effective in shifting roles of internal auditors from being reactionary to whistleblowers.
He committed that the institute will equip more local auditors in an attempt to grow effectiveness among the professionals.
“Stakeholders’ expectations on the role of the internal audit function in an organisation are high and, therefore, it is necessary that internal auditors must demonstrate their value in improving their firms,” said Nyirenda.
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