The Institute of Internal Auditors (IIA) has confirmed that the process of drafting the Internal Audit policy is at an advanced stage and that the Institute intends to present the draft Audit Act to Parliament before the end of this year.
President of the Institute, Paul Nyirenda, said the bill is currently being validated by different stakeholders IIA is consulting to ensure that it reflects the needs of sector.
“We are now at an advanced stage and we expect to complete the process before the end of the year,” he said
Nyirenda said it is critical for Malawi to pass the bill as it would act as a formal platform for regulating operations of the audit profession in the country.
“In countries where there is a particular law governing the auditing sector, service delivery among players has proven to be radical and effective,” he said.
Commenting on the performance of the sector in the recent past, Nyirenda said there have been substantial improvements in safeguarding both public and private sector finances.
Recently, the United Nations Resident Coordinator, Mia Seppo, who is also United Nations Development Programme Resident Representative to Malawi, said Malawi is losing nearly 16 percent of its Gross Domestic Product to illicit financial flows.