Message from Chateram Ramdihal, President, Institute of Internal Auditors - Guyana Chapter

Message from Chateram Ramdihal, President, Institute of Internal Auditors – Guyana Chapter

May 09, 2021 News

…as International Internal Audit Awareness Month is observed

Chateram Ramdihal

Kaieteur News – The month of May is being observed as International Internal Audit Awareness Month globally. The year 2021, the Institute of Internal Auditor (IIA) Global celebrates 80 years’ of existence. Congratulations!
The IIA Guyana Chapter supports efforts to raise awareness of the internal audit profession and its value. Its goal is to clarify any misunderstanding of the profession whilst building and enhancing knowledge of the imperative role internal auditing plays in an organisation.
The principal aim of internal auditing is to provide insight into an organisation’s culture, policies, procedures and aids board and management oversight, by verifying internal controls such as operating effectiveness, risk management and compliance with the relevant laws and/or regulations. There are numerous benefits of why internal audit function is vital in an organisation. Internal audits evaluate internal controls, which comprise actions, systems and processes including monitoring to ensure that they are well designed and implemented and that they are working as they should be no matter who serves in which role. Deficiency in an organisation can be identified and recommendations can be made as to how to streamline, to save time and money, to considers all the identified risks to the organisation, and to analyse whether risk mitigations are working as they should, etc.
With the outbreak of the coronavirus (COVID-19), many professions are being disrupted. Organisations are forced to shift their focus and adapt to new measures in order to survive. The auditing profession has experienced many challenges thus far, and it is unlikely that the current situation will be temporary. Whilst during this period many competencies of an internal auditor are being tested, internal auditors must think ahead and stay relevant in order to continue to add value to their organisation. There is always a silver lining in every dark cloud. It is evident that more investment in digital capability has allowed many organisations to adapt quickly. The transition to a more digital world has already been introduced in the auditing profession, making it easier for internal auditors to function efficiently and effectively.
The IIA Guyana Chapter pleads with its practitioners and other stakeholders to fully appreciate the value of this noble profession and to encourage internal audit activity to be adequately sourced and be effectively utilised.
In closing, the Guyana Chapter continues to strive for excellence and is providing exemplary leadership and service to the profession. It is the hope that through a variety of virtual events and awareness campaigns, this Chapter shares the passion for internal auditing in raising awareness of the profession and helping stakeholders understand the value and contributions of internal audit in their organisations. And this awareness of what the internal audit profession has to offer will be highlighted in the month of May.

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