Resource internal audit units to function effectively —IAA

The Institute of Internal Auditors Ghana (IAA) has called on boards and corporate leaders to appropriately resource internal audit units of organisations and institutions to enable the unit effectively undertake its mandate.

According to president of the IAA, Daniel Kofi Quampah, this was necessary because the work of the units was critical in strengthening corporate governance and safeguarding stakeholder’s interest in either the public or private sectors.

“Internal auditors play vital roles in an organisation or institution such as providing assurance on the adequacy and effectiveness of risk management, internal control, and governance processes,” he stated.

He was speaking at the launch of the first ever internal audit awareness month in Ghana aimed at sensitising the public and dispelling misconceptions about the profession.

Organised in collaboration with the Internal Audit Agency, this year’s event is on the theme “Explore and innovate in a disruptive environment.”

The international Audit awareness month is observed in May each year by the more than 190 member countries of the Institute of Internal Auditors which was established in 1941.

Currently, Mr Quampah, said, there were numerous misconceptions about internal auditors including internal auditors being perceived as accountants or fault-finders.

The work of the internal auditor, he said, involved independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations.

Internal audit, he said helped an organisation to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Additionally, he said internal auditors served as trusted advisors for the board and management of organisations as they had the experience, knowledge, subject matter expertise and training to provide the needed advice.

“Internal auditors do not only tell management gaps that exist, but also tell them how they can do better. They essentially serve as the eyes and ears of the organisation’s Board of Directors or the highest decision-making body of organisations and Senior Management,” Mr Quampah stated.

As part of efforts to enhance the business community’s knowledge of the essential role internal auditors play, he said the celebration would include series of activities including radio and television discussions on topical internal audit issues.

He said a webinar for internal auditors on quality assurance would be held, while a national internal audit and governance conference, slated for June 8 would be held virtually to climax the celebration.

BY CLAUDE NYARKO ADAMS