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The Deputy Speaker of Parliament, Thomas Tayebwa, has urged Internal auditors to embrace integrity and uphold professional values when executing their mandate.

He said internal auditors play a pivotal role in the protection and sustainability of the organisations they work for and the country at large.

He was on Tuesday, May 7, opening the 18th Annual Internal Audit Conference held under the theme "Arise and Elevate the Impact", organised by the Institute of Internal Auditors - Uganda (IIA-U) at Speke Resort Munyonyo.

Gervase Nyanabo, the Deputy Managing Director and Company Secretary for Vision Group and the first president for the Institute of Internal Auditors –Uganda (JJA-U) interacting with Moses Kasakya the current president for IIA-U and Mumba Kalifunga Absa Bank Managing Director. (Photo by Samuel Balagadde)

Tayebwa said internal auditors in organisations should strive to detect all forms of money laundering, which are currently a global challenge.

"Internal auditors should avail services to the private sector and demystify the public perception that auditors are expensive," he said. He warned against accountants misleading clients, mainly local traders, to indulge in unethical behaviours while filing tax returns.

"Many traders caught up by Uganda Revenue Authority (URA) in unethical practices, mainly in filing periodical tax returns, always apportion the blame to accountants for misguidance. But internal auditors should be able to detect this risk in time," he said.

Joseph Muvawala, the executive director of the National Planning Authority (NPA), called upon internal auditors to embrace social transformation as the economy shifts from agriculture to service.

"It is the role of internal auditors to advise institutions they are working for to spend based on the existing resources. We need to go back to the drawing board of planning from the parish level to avert challenges in the implementation of projects," said Muvawala.

Moses Kasakya, the president of the IIA-U, said a healthy and effective internal audit function, with the right skills mix, is a catalyst for business growth and economic development.

"Internal audit helps to create greater awareness of risks like fraud when not identified and addressed. He said internal audit helps to keep in check the hindrances to the growth of organizations through evaluations and advice on effective controls to prevent, detect, and deter corruption, fraud, resource wastage, and ineffective operation both in the public and private sectors.

"Internal auditors are skilled to foresee and advise on untapped business developments and opportunities in organisations. The ambiguities in the role of internal auditors, coupled with minimum facilitation, call for clear regulations on strategic positioning, standards, and roles,” Kasakya elaborated.

He said ambiguities in the role of internal auditors, coupled with minimal facilitation, call for clear regulations on strategic positioning, standards, roles, competencies for both numbers and skills set, facilitation, and protection rights of internal auditors.

Kasakya, who is also the substantive director for internal audit with Uganda National Roads Authority (UNRA), applauded IIA-U past leadership and board members, mainly Gervase Ndyanabo, the first president of the institute who up now has continued to mentor internal auditors.

Ndyanabo is the deputy managing director and company secretary of Vision Group, which was among the conference’s sponsors.

Ronald Karungi, the conference chairperson, said the internal auditors' fraternity is currently challenged by changes in taxation systems, ethics, morality, and the ongoing rationalisation of several government agencies, alongside the rapid evolution of systems.

He said this necessitates agility among auditors if they are to truly make a difference in organisations.

Seipati Asante, the chairperson of Strategic African Women in Leadership (SAWIL) from South Africa, who was the keynote speaker, called upon internal auditors to focus more on cyber-security awareness in organisations for the future of the economies.

She also expressed the need to put the youth closer to leadership positions in organisations. "With 60% of Africa's population being the youth, there is a need to bring on governing boards of institutions for innovations," she said.

Doreen Rwakatungu Musiime, the chief internal auditor of Standard Bank Group, said internal auditors should embrace the new and evolving technology in conducting business.

She said auditors are required to stay updated on current affairs both locally, within the regional, and global affairs in all aspects.

Thomas Tayebwa (second left) posing for a picture with Dr Fixon Akonya, the Internal Auditor General, Moses Kasakya, the current president of IIA-U, Deputy MD Vision Group Gervase Nyanabo and other officials. (Photo by Samuel Balagadde)

"Internal auditors are expected to know the mess with climatic changes. Auditors must know to which extent the current flood disaster in the neighbourhood in Kenya is affecting Uganda as a landlocked country," she said.

The conference was also attended by Fixon Akonya, the Internal Auditor General, who applauded the role internal auditors play in the organisations they work for and the entire economy.

IIA-U is affiliated with the Global Institute of Internal Auditors. It was formed in 2002 by internal audit practitioners as an association and later incorporated as a company limited by guarantee in 2008. Its objective is to improve the profession and practice of internal auditing in the country, mainly in areas of governance, risk management, and internal control in both public and private sectors.