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Speaker warns internal auditors against laxity

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Speaker of the National Assembly, Richard Msowoya, has warned internal auditors in both the public and private sectors against laxity if institutions are to avert continued loss of funds through plunder.

Msowoya was speaking in Mangochi at the weekend when he delivered keynote address during the 2016 Institute of Internal Auditors (IIA) annual conference held under the theme “Good Governance – Has Internal Audit in Malawi Failed?

The call comes as Malawi continues nursing the wounds of Cashgate which happened under the watchful eyes of internal auditors.

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Msowoya said to avoid reoccurrence of Cashgate and to minimise mismanagement of funds in public and private institutions, internal auditors have a critical role to play as watchdogs.

“Sealing the loopholes is about discipline. It is about timely communication; not to come after something has gone wrong, but try and nip it in the bud so that the operations of the structure of a unit are not dislodged,” said Msowoya.

He said auditors have become crucial as the industry focuses beyond financial management but also improved governance and business operations.

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Msowoya recommended aggressiveness from auditing practitioners in ensuring good governance in both the private and public institutions.

The conference focused on the role of internal auditing in good governance, among other things.

It also accorded internal auditors from both the public

and private sectors a platform to brainstorm on significant changes they can bring about in governance at institutional and national level.

Through a panel discussion, the meeting scrutinised current trends in governance of both the state and the private sector and contributions auditors can make to effect change.

IIA Malawi President, Paul Nyirenda, rated the indaba as a litmus test in operations of auditors and their input towards improved service delivery of institutions and growth of the economy.

He said the outcome of the conference would help enhance input of the practitioners in both the public and private sectors towards improved governance.

“We have drawn up recommendations which will help us mend where we have had shortfalls,” said Nyirenda.

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