Call made for effective use of internal audits
The Institute of Internal Auditors (IIA) Guyana Chapter is calling for internal audit activity to be adequately sourced and be effectively utilised.
IIA Guyana Chapter President Chateram Ramdihal made the call in a message to mark International Internal Audit Awareness Month, which is now being observed, as he appealed to practitioners and other stakeholders to fully appreciate the value of the profession.
Ramdihal noted that the principal aim of internal auditing is to provide insight into an organisation’s culture, policies, procedures, and aid board and management oversight by verifying internal controls, such as operating effectiveness, risk management, and compliance with the relevant laws and/or regulations.
“There are numerous benefits of why internal audit function is vital in an organisation. Internal audits evaluate internal controls, which comprise actions, systems, and processes including monitoring to ensure that they are well designed and implemented and that they are working as they should be no matter who serves in which role,” he explained, while noting that deficiency in an organisation can be identified and recommendations can be made as to how to streamline to save time and money, to consider all the identified risks to the organisation, and to analyse whether risk mitigations are working as they should.
Acknowledging that with the outbreak of the COVID-19 pandemic many professions are being disrupted, Ramdihal said the auditing profession has experienced many challenges thus far, and it is unlikely that the current situation will be temporary. “Whilst during this period many competencies of an internal auditor are being tested, internal auditors must think ahead and stay relevant in order to continue to add value to their organization,” he emphasised.
Noting that there is always a silver lining in every dark cloud, Ramdihal further said that it is evident that more investment in digital capability has allowed many organisations to adapt quickly. “The transition to a more digital world has already been introduced in the auditing profession,
making it easier for internal auditors to function efficiently and effectively,” he further noted.
For its part, the IIA Guyana Chapter, Ramdihal said, hopes that through a variety of virtual events and awareness campaigns it can share the passion for internal auditing in raising awareness of the profession and helping stakeholders understand the value and contributions of internal audit in their organisations.