The Institute of Internal Auditors Ghana (IAAG) has called on boards and corporate leaders to appropriately resource internal audit units to enable them to undertake their required mandate effectively.
The President of the IAA, Mr Daniel Kofi Quampah, said it was necessary that internal audit setups received the needed support because the work of such units was critical in strengthening corporate governance and safeguarding stakeholders’ interests in the public and private sectors.
“Internal auditors play vital roles in an organisation or institution, such as providing assurance on the adequacy and effectiveness of risk management, internal control and governance processes,” he stated.
Mr Quampah was speaking at the launch of the first Internal Auditors Awareness Month in Ghana aimed at sensitising the public and dispelling misconceptions about the profession.
The awareness month is being organised in collaboration with the Internal Audit Agency, and this year’s event has been dubbed: “Explore and Innovate in a Disruptive Environment”.
The International Internal Auditors Awareness Month is observed in May each year by the more than 190-member countries of the Institute of Internal Auditors, which was established in 1941.
Mr Quampah said there were numerous misconceptions about internal auditors, including they being perceived as accountants or fault-finders.
The work of the internal auditor, he said, involved independent, objective assurance and consulting activities designed to add value and improve an organisation’s operations.
Internal audit, he said, helped an organisation to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Additionally, he said, internal auditors served as trusted advisors for the board and management of organisations as they had the experience, knowledge, subject matter expertise and training to provide the needed advice.
“Internal auditors do not only tell management about gaps that exist, but also tell them how they can do better. They essentially serve as the eyes and ears of the organisation’s Board of Directors or the highest decision-making body of organisations and senior management,” Mr Quampah stated.
As part of efforts to enhance the business community’s knowledge of the essential role internal auditors play, he said the IIAG had developed a series of activities to sensitise the public and increase public confidence in the profession.
Among activities lined up for the commemoration of the day are radio and television discussions on topical internal audit issues.
There will also be a webinar for internal auditors on quality assurance, and it will climax with the national internal audit and governance conference slated for June 8, 2021, to be held virtually.