7th internal audit, control, risk and assurance worship - After event report
From 9th to 10th November 2017 at LemigoHotel, iCPAR conducted the 7th internal audit, control, risk and assurance worship and discussed more about specific skills, abilities and relevant knowledge highly desirable by all auditors – both internal and external.
While discussing, CPA Dan Zitunga highlighted that lifestyle audit helps to identify fraudsters. People commit fraud due to different reasons including greed, financial pressures, control weakness in organizations. And as observed, a common characteristic of most fraudsters is that they live beyond their means which may tempt them into committing fraud.
As mentioned by CPA Charles Shinganya ,professionals in both internal and external audit are required to invest heavily in the talent, training, and tools necessary to meet expectations for the major aspects of dynamic internal audit planning.
“The time has come for auditors to not only deal with old risks; but also be able to align with the strategic objectives of the company, stepping into the role of a proactive trusted advisor/partner.” Charles revealed.CPA Telesphore Ahimana talked about the internal audit role to corporate governance aiming at giving participants insights about how internal audit can help increase governance effectiveness. Participants gained technical skills about how internal auditors can provide assurance and advisory services to both the board and senior management.
“Auditors should contribute to strategic and performance assessment, risk management process assessment, control process and alsofacilitate in providing suggestions for continuous improvements.” He emphasizedCPA Muchiri Waititu mentioned that fraud is an illegal action for both individuals or companies.
“Leaders should understand the pressures, opportunities and justifications for fraud. This helps them design preventive and detective measures.” He underlined. While discussing, participants mentioned some of the key challenges such as: Auditing one’s own boss; and the relevancy of corporate governance implementation in SME’s.The meeting gathered around 35 senior auditors.