Frequently update security systems - GCCI Head cautions

Frequently update security systems – GCCI Head cautions

Sep 07, 2017 News

GCCI Head, Deodat Indar

The protection of company assets is perhaps one of the key functions of an effective and responsible Internal Auditor. With that viewpoint in mind, Head of the Georgetown Chamber of Commerce and Industry (GCCI), Deodat Indar, cautioned Internal Auditors yesterday, to frequently update the security systems of their respective companies.

Indar was at the time delivering the feature address to attendants at the Institute of Internal Auditors-Guyana Chapter Seminar at the Regency Suites on Hadfield Street. The workshop focused on the role of the Internal Auditor as it relates to evolving risks facing organizations. It also spoke to the ethics and governance skills required by Accountants and Auditors.

The GCCI Head said that learning from, as well as using experts on the security of assets of companies, is of utmost importance especially when one considers the frequency of armed robberies which has been very visible in the news and even on social media.

Indar said, “We must be vigilant and keep updating security systems, look at insurance and other risk transfer strategies so as to minimize exposure on premises and during route. Further screening of employees is now required for advance scrutiny as a deterrent to reduce and detect collusion of staff and criminals.”

The GCCI head also took the opportunity to challenge the Institute of Internal Auditors (IIA) to get involved in advocacy. He insisted that they be at the table to shape the decision and direction of the profession.

He insisted that Internal Auditors must be equipped with good training especially in the areas of ethics and governance, the technical knowledge of financial auditing, inventory and store audit. These, he believes, are technical competencies all auditors must possess in order to execute their job function.

As one of the former Presidents of the IIA, Indar recalled that the company which was founded some 15 years ago, as a chapter of the North American Global Body, had some years of buoyancy and some years of inactiveness.

He said, “As any advocacy body, these things do happen. Most times, it is a reflection of the leadership that is elected from time to time. The Chapter did have some good years under Past President John Seeram. Then, after some years, I was elected President in 2009 after serving as the Vice President. The Chapter had a lot of activities. It was involved in training with the Guyana Revenue Authority (GRA), in-house training for firms, in- house training at the Ministry of Finance etc.”

Indar said that these things continued but in a smaller form. The Chapter, he said, then elected Mr. Jaigopaul Ram and thereafter Ms. Jaishree Lam, who under their leadership, there was much representation regionally and externally at the global forum.

Although there were successes, Indar stressed that there are still some clear failures. He said that in this regard that the Chapter is still in need of a permanent home.

“I task the new Board to do what the past leaders did not do, and fulfill this objective. A much stronger and visible Chapter is needed, and when internal auditors are faced with push back in their own firms for doing their jobs, the IIA – Guyana must be the bastion of defense to come to their aid and mediate and advocate for members of the profession,” expressed Indar.

The former President also stated that as internal auditors, it is imperative for all to make the profession proud and do a good job. He said that this means that efforts must be grounded in training and creating value for employers. Indar said that this process should be continuous.

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