By Hazla Omar
Tanzania is working to introduce the country’s new Internal Audit standards that are expected to go into operation as early as January 2025.
Speaking in Arusha, the second Vice President of Zanzibar, Hemed Suleiman Abdullah stated the new standards are anticipated to represent a significant evolution in the field of internal auditing.
“We are confident that the new guidelines will introduce new horizons for the profession while improving upon the outgoing procedures,” said the Second Vice President, adding that the trend necessitates the move for internal auditors to expand their scope.
“The new standards should reflect the dynamic nature of our world, emphasizing the need for agility, innovation, and forward-thinking in audit practices,” the Isles Vice President , pointing out that the guidelines should transform the actors to be not just auditors, but strategic advisors who can help guide their organizations through uncertainty and change.
Suleiman Abdul was speaking during the opening ceremony of Internal Audit Conference also taking place at the Arusha International Conference Center under the theme of ‘New Frontier: Transforming Tomorrow.’
The Second Vice President of the Isles also revealed that as part of the government commitment, Tanzania is working to establish a robust framework for internal auditors.
“In Zanzibar the internal audit act is already in progress and I am optimistic that we will soon hear similar developments from the mainland,” he assured.
The Internal Auditor General Benjamin Mashauri Magai said they have great expectations that these new standards will make Internal Audit more effective, further supporting the provision of assurance and control.
“This means that Internal Audit will be pivotal in discouraging adverse opinions within public institutions,” he said.
Magai pointed out that auditors play a vital role in helping organizations address, among other things, issues of climate change, through anticipating risks, advising senior leaders, and providing assurance.
He said auditors can evaluate the reliability of climate risk data for disclosure in sustainability reporting but added that to excel in this role, new skill sets in sustainability measurement, reporting, and verification are essential.
Taking place in Arusha Internal Audit Conference events brought together professionals, experts, and thought leaders from Tanzania, Africa and beyond in the fields of Audit, Risk management, and Governance.
On her part Zelia Njeza, the President of the Institute of Internal Auditors (IIA) Tanzania also serving as the Executive Secretary of the African Federation of Institutes of Internal Auditors, explained that adapting to changes and modern ways of operating is among the issues being addressed at the meeting.
“But in Tanzania, we are now gearing towards the registration of Internal Audit to become a formalized profession to be recognized both within the country and internationally,” she said adding that the aim was to embrace professionalism, encouraging all auditors from public and private sectors to become registered members of the Association
Comments are closed, but trackbacks and pingbacks are open.