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On 19th March, 2020 aninternal audit team from Electricity Generation Company (EGENCO) visited the Central Internal Audit Unit (CIAU)for a benchmarking exercise of the two internal audit functions. Th...

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 prov...

  The Central Internal Audit Unit (CIAU) held the Internal Audit Service annual meeting which was held at Bingu International Convention Centre on 25th July, 2019. Activities that were carried out du...

  Organizations are constantly exposed to significant errors, frauds, or inefficiencies that can lead to financial loss and increased levels of risk. This results in the need for regulatory requireme...

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On 19th March, 2020 aninternal audit team from Electricity Generation Company (EGENCO) visited the Central Internal Audit Unit (CIAU)for a benchmarking exercise of the two internal audit functions. The exercise was initiated by EGENCO in a bid to learn and share leading practice in internal auditing from Central Government.

Key areas of the benchmarking exercise included the development and use of internal audit policy documents such as the newly reviewed Internal Audit Manual, the Government Internal Audit Charter, the Audit Committee Charter and the Internal Audit Service Strategic Plan (2016/2021). The team also appreciated CIAU’s efforts in modernising Government Internal Auditing through use of audit management software, data analytics tools and continuous auditing of Government’s financial transactions. The team was also briefed on the structure of internal auditing function in Government, its interaction with key stakeholders including independent audit committees.

 The benchmarking exercise provided useful insights to both internal audit functions in realizing leading practices in their respective functions.

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.

 

Organizations are constantly exposed to significant errors, frauds, or inefficiencies that can lead to financial loss and increased levels of risk. This results in the need for regulatory requirements and improvement of business operations by organizations to ensure that controls are working effectively and that risk is being properly mitigated. In order to fulfill this expanded mandate, Internal Audit is turning to continuous auditing ...

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The Central Internal Audit Unit (CIAU) held the Internal Audit Service annual meeting which was held at Bingu International Convention Centre on 25th July, 2019. Activities that were carried out during the meeting included presentations of 2019 – 2020 consolidated annual work plan, performance for 2018 – 2019 financial year, staffing issues for 2018 – 2019 and continuous auditing. In addition, there was a presentation on HIV & Aids which was done by a representative from UNFPA. The meeting was attended by 111 participants from almost all internal audit units across the ministries and departments of the central government. Prior to the meeting, all new internal auditors particularly those who were recruited in 2018/2019 financial year were welcomed to the internal audit common service and oriented on internal auditing in Government.         

IASAM2019
Internal Auditors after the official opening of the meeting

The Polytechnic a constituent college of University of Malawi, (now Malawi University of Business and Applied Sciences) organized a five (5) day training workshop for District Councils’ Internal Auditors at Staff Development Institute in Blantyre. The training which was sponsored by the Ministry of Local Government and Rural Development and held from 25th to 29th March 2019 was aimed at improving the technical competence of Internal Auditors in Councils in areas of internal controls and reporting. One officer from CIAU, Mr Atusaye Kayuni, co – facilitated the workshop on invitation by from Polytechnic after considering the knowledge and experience of CIAU in the areas of internal controls and reporting in the Public Sector.