In March 2020, the Internal Audit Unit in Finance Economic Planning and Development (MoFEPD) started rendering internal audit services to the Public Service Pension Trust Fund (PSPT). The unit is providing the services in an outsourcing arrangement which was approved by the Secretary to the Treasury on 22nd January, 2020. The working arrangement is guided by Standard 2010 of the International Standards for the Professional Practice of Internal Auditing that promulgates that the internal audit activity's plan of engagements must be based on a documented risk assessment, undertaken at least annually.
The PSPTF is an independent financial institution responsible for managing civil servants pension funds. The Fund was established in July, 2017 by Malawi Government, through the Treasury. As a financial Institution, the Fund is regulated by the Registrar of Financial Institutions. Management of the Fund is currently still under the Ministry of Finance and full organisational structure is yet to be approved by OPC.
