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Auditors challenged on development

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Internal auditors in the country have been urged to be radical in their work to be able to contribute significantly to growth of their firms and also to advance the national development agenda.

Shadreck Namalomba, a seasoned internal audit practitioner who is also the Institute of Internal Auditors (IIA) Malawi past president, made the call during the IIM interaction dinner in Blantyre on Friday where he was keynote speaker.

In his speech, Namalomba questioned the relevance of the profession in an environment where fraud and corruption seem to be taking centre stage.

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He wondered whether the practitioners were systematic citing continued poor performance by most businesses in the country.

“The auditors, therefore, must ensure that they are keeping pace in investing in knowledge and skills. There is a gap, much more could be done.

“We needed to take stock of what is happening; our organisations are still making loses while auditors are there supposedly to assist the organisation to make money,” Namalomba said.

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He said even at national level, the country has been unable to make positive development strides.

He cited, for example, the continued plunder of public resources by some public office bearers under the watch of internal auditors as a recipe for failed economic growth.

“As a nation, we are still witnessing corruption and unethical behaviour. Poverty has substantially grown. Internal auditors should be there to assist our leaders. Our pride is called into question as there is much more to be done,” Namalomba said.

And IIA president Paul Nyirenda conceded that challenges exist.

He was, however, quick to point out that efforts are being made to seal the loopholes.

“Indeed the challenges exist. It is something we are working on. There are a number of concerns including fraudulent activities. We can play a role in ensuring that loss making companies start making profits,” Nyirenda said.

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