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Prosper Ndlovu Business Editor
THE Institute of Internal Auditors of Zimbabwe (IIAZ) says an urgent restructuring of the audit reporting system is needed for improved transparency and accountability in the running of both private and public entities. Internal auditors play a major role in governance, risk and control issues that affect the key sectors of the economy.
IIAZ chief executive officer Roy Bvekerwa said a fine tuning of the internal auditing model in Zimbabwe was critical in boosting professionalism and good corporate governance. “The structure of reporting is a challenge to internal auditors. Efficiency is impaired when auditors report to the same person they’re auditing,” said Bvekerwa.
He said the desirable situation is one with some modicum of autonomy whereby auditors report to an independent body or committee. Bvekerwa said internal auditors were also constrained by resource limitations. He applauded the government for coming up with a national code on corporate governance early this year, which seeks to restore ethical management and enhance accountability.
Experts say poor management and abuse of office by company executives is partly to blame for the demise of some entities. The government has already said it is considering setting up audit committees for ministries to enhance transparency and accountability. Bvekerwa said internal auditors needed further training and this shortcoming has attracted the attention of the African Development Bank and the Work Bank.
“Efficient internal auditing can bring about massive development,” said Bvekerwa. Finance and Economic Development Minister Patrick Chinamasa has also called for the strengthening of accountability, mainly in public enterprises in order to weed out corruption.
derick.khumalo