THE Internal Institute of Auditors (IIAZ) Zimbabwe says it is working with the Reserve Bank of Zimbabwe (RBZ) and other market regulatory authorities to ensure auditors complied with international best practise.
Report by Acting Business Editor
The development came hard on the back of collapse of a number of organisations due to lack of oversight and financial mismanagement.
In a wide-ranging interview, IIAZ president Tapiwa Mupukute said other stakeholders engaged included the Securities Commission of Zimbabwe and State Enterprises ministry.
“To ensure that this is the case, IIA Zimbabwe has started engaging the Reserve Bank of Zimbabwe (as the regulator of the financial services sector), the Zimbabwe Stock Exchange and the Securities Exchange Commission (as the regulator of quoted companies in Zimbabwe), and the Ministry of State Enterprises and Parastatals (as the standard-setting authority for public enterprises), to develop guidelines and directives that compel audit functions in organisations under their jurisdictions to comply with the IIA’s international professional practices framework,” Mapukute said.
“Where internal auditors fail to discharge their duties professionally, the IIA will investigate such complaints in terms of the code of ethics, which compels internal auditors to uphold integrity, objectivity, confidentiality and competency.” The RBZ has in the past closed several financial institutions following reported abuse of depositors’ funds, among other irregularities.
