Internal auditors in the country say there is need for legislation to regulate internal auditing as advanced by the Vice President Dr. Saulos Chilima at the launch of the 20th Annual Conference for the Institute of Internal Auditors (IIA) on Friday in Mangochi.

The Vice President had, among other things, urged the IIA to “pursue the path of legislation to enhance the rules that govern the responsibilities of risk management and demand a greater transparency and accountability of senior management and Board of Directors”.

Internal Audit Manager for the National Local Government Finance Committee (NLGFC), Thomson Chopera Longwe, concurred with Chilima saying legislation would help enhance professionalism, among other things.

Longwe also concurred with Chilima on the need for companies and organizations to begin to recognize internal audit as one of the most influential functions and accord it the prominence that the section deserves.

“Legislation will help to regulate how internal audit should be carried out, how it's members conduct themselves professionally and ethically; and it will elevate the status of the profession,” explained Longwe in an interview.

Speaking to this reporter on internal audit relevance, Director of Corporate Services Arthur Liwonga said: “The Internal Audit standards require that the head of Audit in an institution be ranked high enough to be able to have a professional voice at management and the board of directors: This is what is called 'organisational status'.”

Liwonga said failure to rank high the head of audit in an institution would make internal audit recommendations looked down on and not taken seriously".

In his further remarks, Thompson Longwe, NLGFC Internal Audit Manager described this year's conference as an eye opener that will help his office focus on things that would add value more, than the traditional way of auditing payment vouchers.

“The conference will help us prioritize things that are more important and those that can have more impact; We want to think strategically to help NLGFC achieve its long term goals,” said Longwe.

On his part,, Liwonga said that the take home messages from the Conference  include the need for internal audit to embrace the concept of looking at the future impact of events that may affect the organization adversely; and adept use of digital technology.

The IIA 20th Annual Conference was held under the theme Insightful Internal Auditing: Pushing Traditional Boundaries and it drew internal auditors from government ministries, departments and agencies and private sector.