Optimism high on new internal audit standard

ARUSHA: ZANZIBAR President Dr Hussein Mwinyi has assured that the new internal audit standards, set to come into operation early next year, will transform the field of internal auditing in the country.

Dr Mwinyi at the opening of the 17th Annual Internal Audit Conference held in Arusha yesterday said that the introduction of these new standards represents a crucial shift in how internal auditors can perform their work, engage with stakeholders and contribute to the overall success of their organisations.

“We have great expectations that the new standards will enhance the effectiveness of internal auditors and play a pivotal role in discouraging adverse opinions within public institutions,” he said in a speech delivered on his behalf by the Second Vice President of Zanzibar, Mr Hemed Suleiman Abdulla.

“I urge you to approach them with a positive mindset to enhance the value you bring to your organisations,” he stated.

President Mwinyi expressed the government’s commitment to maintaining the independence and objectivity of internal auditors, which are essential for building credibility and trust in their audit reports.

He emphasised that independence and objectivity are vital for ensuring that internal auditors can perform their duties without influence or interference.

“Internal auditing is foundational to the integrity and success of both public and private institutions in our nation. Internal auditors are not just inspectors; they are custodians of integrity, guardians of ethical standards and champions of good governance,” said Dr Mwinyi.

“We are committed to providing the necessary resources, training and infrastructure to ensure that internal auditors perform their duties effectively. Your work supports the efficient use of public resources, the effectiveness of government programmes and the accountability of our leaders.

Let this conference be a catalyst for innovation and progress in your work, inspiring you to push the boundaries of what is possible in the field of internal auditing.”

For her part, the President of the Institute of Internal Auditors (IIA), Dr Zelia Njeza, requested the government to fast-track internal audit legislation in the country and improve the internal audit structures to embrace and leverage professionalism.

She also urged the government to enhance the scheme of service for internal auditors in the country, advocating for membership in the IIA to ensure that internal audits are conducted by recognised professionals.

“Internal auditors are at the forefront of strengthening governance practices, risk management processes and promoting accountability,” said Dr Njeza.

On his side, the Internal Auditor General, CPA Mashauri Magai, stated that internal auditing is crucial; if strengthened, it will contribute to the effective management of the country’s resources, good governance and the control of internal systems.

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CPA Magai acknowledged the challenges faced by internal auditors, especially when the Controller and Auditor General (CAG) report is released but clarified that these challenges do not reflect poor performance by the auditors.

This year’s conference is themed ‘New Frontier: Transforming Tomorrow’ and has brought together over 700 internal auditors and leaders.