The Institute of Internal Auditors Malawi (IIM) has said it is envisioning having a law that will see the operations backed by an act of Parliament to help regulate the internal auditors’ profession.
IIM President Dickson Chasambira said this on the sidelines of the institute’s annual conference in Mangochi.
Chasambira said although there are provisions in existing laws such as Public Financial Management Act that touch on internal auditing, there is no specific law for the profession.
He added that if put in place, the legal framework will help to improve professionalism among its membership because they will be exercising powers in line with the law.
“We are thankful to government for including things about auditing in some pieces of legislation but what we need is a law that specifically focuses on the profession of internal auditing,” Chasambiro said.
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High Court Judge Zione Ntaba, who was the guest of honour at the conference, said Malawi has some of the best laws and what is needed is to firstly utilise such laws to the fullest.
“We have some of the best laws here; yes, there are some which just need amendments to include or remove some things but let us start by utilising what we have,” Ntaba said.
IIAM is a professional body for auditors in Malawi with membership of over 400 individuals across all sectors.
