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Audit policy awaiting cabinet

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The Internal Audit policy framed to complement the Audit Act is still waiting for cabinet approval, the Institute of Internal Auditors (IIA) has said.

In the past months, the institute, in consultation with other stakeholders, has been consolidating views to be incorporated in the Act, and government recommended that the draft Act be backed by a structured policy blueprint.

The guiding principle document was submitted to government according to IIA President Paul Nyirenda, and now awaits cabinet to deliberate over it.

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In an interview after an audience with students studying for a Bachelor of Commerce in Internal Auditing degree at the University of Malawi’s Polytechnic, Nyirenda said there was hope that the policy will be adopted soon.

“If adopted, it will help govern the sector and improve its effectiveness,” Nyirenda said.

This, according to Nyirenda gives room for further validation of the proposed audit law as the institute will continue to consolidate views from different stakeholders.

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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.

Last year, the Unit e d 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 and called on internal auditors to be aggressive if they are to reverse the trend.

Meanwhile, Nyirenda called on the students to be the game changers by adhering to set standards when in the industry.

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