admincrisis has revealed severe shortcomings in corporate governance,” he said.
“When most needed, existing standards failed to provide the checks and balances that companies need to cultivate sound business practices.”
Mr Tarling cited examples of global corporations, such as Enron and WorldCom, that were heavily implicated in corporate governance failures in the past decade. He urged local companies to adhere to existing corporate governance codes.
He also challenged internal auditors to comply with the new “corporate world order” where internal auditors should report to the world audit committees and also to senior management.
IIA Zimbabwe chief executive Mr Roy Bvekerwa echoed the IIA Global chief’s sentiments.
“Most global companies have taken enterprise-wide risk management and Zimbabwean companies should follow suit,” he said.
“There is also a need to engage risk review because if you do not review risk then it means controls are not directed at particular risks. You can put too many or too few controls.
“Phil Tarling’s presentation taught us how internal audit has evolved over the last 50 years as well as how it is practised worldwide.”
Mr Tarling was in Harare as part of his seven-nation African tour.
He is currently the Huawei Technology Group vice-president, heading the Internal Audit Centre of Excellence where he is in charge of the international internal audit efforts of his company.
He has 25 years’ experience in internal audit in the United Kingdom and Europe in both the public and private sectors.
Online Reporter