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IIA pushes for charter status to better regulate auditors

President Of IIA Ghana, Daniel Kofi Quampah 5 President of IIA Ghana, Daniel Kofi Quampah

Thu, 10 Jun 2021 Source: thebftonline.com

The Institute of Internal Auditors (IIA) Ghana is pushing to attain a charter status to among other functions help properly regulate practising professionals and boost the image of the careers. According to the IIA Ghana, the move, is coming on the back of the weak administrative role by some auditors identified after the financial sector clean-up.

The IIA Ghana noted that while some auditors did their best in difficult instances to caution their firms over some inappropriate administrative practices, others looked on and even participated, which led to the collapse of some banks and financial institutions.

Speaking to the B&FT at the 2021 Annual National Internal Audit and Governance Conference, the President of IIA Ghana, Daniel Kofi Quampah said, even though the Institute could have taken some disciplinary action against the unprofessional internal auditors many of them did not belong to the institute and the few that belonged were not in good standing.

As a result, the board of IIA Ghana is pushing to get it recognized as a Chartered Institute under an Act of Parliament. The Institute is making a case for government support as the move would make it mandatory for all auditors to get accreditation before they practice their trade. This would make the code of ethics of the institution binding on all auditors and the appropriate sanctioned meted out to recalcitrant ones.

He added that the move would also ensure that auditors receive constant training on modern ways of executing their tasks to make their work more beneficial to their various organizations.

“What we are trying to achieve is to get an act of parliament and be recognized as a chartered institute just like any other profession like the bar and medical associations. That is what we are working on now; to get our charter so that we can have that leverage to really engage with our members, with this, we can run like a professional body."

"Just as the Institute of Chartered Accountants, Ghana (ICA) investigated those brands and came up with the disciplinary measures, we can do same in future,” Mr. Quampah told the B&FT.

He added that IIA Ghana has the capacity to regulate auditors across the country but that can only be done if there is a legislative instrument backing their operations.

He stressed that the internal audit profession has come of age and deserves to receive the recognition, appropriate placement, and adequate resources it deserves from key stakeholders. “The importance of our profession and its essential role in governance cannot be underestimated and must be understood and embraced by all,” he said.

Adding that, it is the express wish of the institute that all persons practising internal audit in Ghana – private or public sector – would apply for membership to join the institute so that they can benefit from the common body of knowledge, the professional standards, and the guidance available to members.

This year’s conference was held on the theme: Explore and Innovate in a Disruptive Environment.

Source: thebftonline.com