Malawi Auditors Urged to Uphold Ethics Amid Corruption Concerns
As Malawi's financial sector grapples with these challenges, the push for greater professionalism and ethical standards in internal auditing remains a priority for IIAM and industry stakeholders.
BLANTYRE, Malawi—The Institute of Internal Auditors in Malawi (IIAM) has called for increased professionalism and ethical conduct among internal auditors to combat corruption and elevate the profession's status, writes Steven Godfrey Mkweteza.
This appeal comes amid growing concerns about the integrity of internal auditing practices in the country's corporate sector.
Albert Dambula, Chief Executive Officer of IIAM, expressed his concerns during a two-day financial management training session in Blantyre on Friday.
"Though as an institution we haven't yet received many reports regarding this, we know that this is happening behind closed doors. This is denting the image of our profession," Dambula said.
The IIAM chief highlighted instances where corporate entities allegedly bribe internal auditors to misrepresent facts in their favor.
He also noted that some companies are reluctant to employ internal auditors, fearing exposure of financial mismanagement practices.
To address these issues, IIAM has intensified its efforts to educate and sensitize its members.
"This is why we intensify orientation trainings to, among other things, try to sensitize our members on the dangers of this malpractice. We also organize annual internal auditors month to bring awareness about internal auditing," Dambula explained.
The organization's initiatives appear to be yielding positive results.
This year's internal auditing awareness month has reportedly been successful in changing perceptions and enlightening both students and companies about the importance of internal auditing.
As part of their corporate social responsibility efforts, IIAM has also constructed a classroom block in Zomba to further their outreach and awareness strategies.
The financial management training session, which brought together finance officers from various institutions in the southern region, was well-received by participants.
Chimwemwe Tembo, acting director of finance for the Tobacco Commission, described the training as "eye-opening and timely," emphasizing its crucial role in understanding the dynamics of internal auditing in relation to financial management.
As Malawi's financial sector grapples with these challenges, the push for greater professionalism and ethical standards in internal auditing remains a priority for IIAM and industry stakeholders.