Internal auditors seek collaborations with tertiary institutions

THE Institute of Internal Auditors Zimbabwe (IIAZ) plans collaboration with universities and colleges nationwide to promote the internal auditing profession, it has been revealed.

IIAZ is the leading institute pushing for the adoption of internal auditing within organisations to strengthen corporate governance systems in the public and private sectors.

In an interview with NewsDay Business on the side-lines of an IIAZ stakeholder meeting last week in Harare, IIAZ academic institute relations committee chairperson Rumbidzai Musiyiwa said there were several key objectives of this collaboration.

These are to incorporate internal auditing curricula in undergraduate and postgraduate programmes, establish robust internal audit departments within academic institutions and produced qualified internal auditors, she said.

“We want to be able to contribute to undergraduate and postgraduate programmes so that they can have an internal auditing component. That is raising awareness of the profession and contributing to our achievement of the sustainable and development goals,” Musiya said.

“So, definitely, the main objective there is that we collaborate to raise an awareness about the profession and to encourage students to take on the internal auditing profession. We hope that the collaboration will give us a platform as the IIAZ to have young people understand the role and hence the need of internal auditing in the nation as a whole.”

Musiyiwa said the push comes as Zimbabwe aims to future-proof its internal audit functions to meet the evolving needs of investors and technological innovation.

She noted that universities must now develop robust internal auditors that are capable of providing independent assurance over areas like artificial intelligence, block chain and other emerging trends.

“Even investors can get independent assurance over their investment. They are more comfortable to invest in an organisation, so that’s coupled with issues of technology, issues of artificial intelligence, issues of block chain technology, you know, all the emerging technological trends,” Musiyiwa added.

“Any investor wants assurance over that organisation. Shareholders want assurance over all those emerging trends. So, the university now needs to be able to develop a robust internal auditor who can give that independent assurance so that’s the future outlook, hence our drive to collaborate with universities.”

NewsDay Business understands that IIAZ plans to sign memoranda of understanding with universities, allowing the institute to engage with students, audit committees, boards and executives on internal audit matters.

The institute plans to host career fairs and give public lectures from secondary school level.

Musiyiwa, however, acknowledged that there are barriers to growing the internal audit profession, such as resistance to oversight and challenges around proper positioning and remuneration of chief audit executives.-newsday