20/01/2025
COMMUNIQUE FROM THE SWAIAP INT'L CONFERENCE WITH THE THEME GOOD GOVERNANCE, THE ROLE OF ASSURANCE SERVICE PROVIDERS
Date: 4th December 2024
The Society for West African Internal Audit Practitioners (SWAIAP) recently held its Annual Conference, where key stakeholders from the public & private sectors gathered to deliberate on the role of internal auditing in promoting good governance, transparency & combating economic & financial crimes.
KEY HIGHLIGHTS Of THE CONFERENCE:
A major point of discussion during the conference was the independence of internal auditors as discussed by the Accountant General of Federation represented. Stakeholders agreed that internal auditors must adhere to legal frameworks and professional standards to maintain objectivity & impartiality in their roles.
Mr. Ola Olukoyede, Executive Chairman of the Economic & Financial Crimes Commission (EFCC), emphasized the pivotal role internal auditors play in enhancing good governance and combating economic crimes. He proposed a collaborative framework between the EFCC & internal audit functions across both public & private sectors, with a focus on risk assessment, shared intelligence, joint investigations & training. He called for a united effort to tackle corruption & promote transparency.
The President of SWAIAP, Amb. Patrick Nzechukwu, raised the issue of internal audit bill (Nigerian Internal Audit Regulatory, Practice, & Administration Agency & Other Related Matters Bill) promoted by SWAIAP as a crucial step in strengthening Nigeria's anti-corruption efforts.
SWAIAP reaffirmed its commitment to institutionalizing internal auditing across West Africa as a tool for combating corruption & enhancing organizational performance.
TOLA VONG , Cambodia, highlighted the integral role of internal audit in assessing GRC processes. He discussed internal audit’s role in fraud prevention, risk evaluation, compliance monitoring, & advising on strategic objectives, including internal audit role in addressing emerging risks, such as cyber security & geopolitical challenges.
Prof. Andreas G. Koutoupis CMIIA,CIA,CICA,CCSA,CRMA,CCS Greece, elaborated on the synergy between governance, internal control, & compliance within organizations. He explored the evolving role of internal auditors, particularly in the context of ESG factors & the transformative impact of AI technology on auditing practices.
Hossam ElShaffei,CFE,FICA CMIIA,CA,CRMA,CCSA,QRD CrSexual harassment Abuse Authority Investigator elucidated how a thorough understanding of the role of the audit committee as distinct from other Board Committees can help its members to foster governance & drive the enforcement of governance codes in entities.
The conference concluded with a strong call for greater collaboration between internal auditors, anti-corruption agencies, regulatory bodies & other stakeholders to drive reforms in governance & accountability.
The need for robust legislative support for internal auditing.
