Institute of Internal Auditors in Malawi equips auditors with knowledge

The Institute of Internal Auditors in Malawi (IIAM) has said auditors should strive to analyse business processes when planning their work so as to provide insights to the board and management in their respective institutions.

IIAM President, Mackson Banda, said this at the end of a training workshop organised last week in Blantyre.

The training was meant to expose its members to basic Lean Six Sigma tools that can be used during the planning phase of an audit.

He said there is also need for internal auditors to apply critical thinking in their work, apart from learning modern tools that would help them provide value-adding recommendations to their various workplaces.

“Supplementing the mission, the current internal auditing standards have incorporated 10 core principles that must exist to ensure that the internal audit unction is effective,” Banda said.

He further said, with such tools, auditors would be able to improve the quality of process outputs by identifying and removing the causes of defects such as errors and minimising variability in business processes by using a set of quality management and statistical tools.

“I am sure that you have been equipped [with information about the] charter that defines high level requirements, shows roles and responsibilities and outlines objectives,” he said.

Banda said, using such tools, auditors would be able to determine fundamental issues such as when wrong people are involved or no one is accountable.

“You need to advise management on which operations are non-value-adding, which ones are business value adding and which operations are not,” he said.

The participants, who are members of the institute, were drawn from both private and public sectors.