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Avoid shortcuts, auditors warned

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Auditors have been warned to avoid shortcuts.

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INTERNAL auditors must be vigilant and avoid shortcuts in the face of anticipated fast-paced change in Zimbabwe, First Mutual Holdings (FMH)’s chief executive Douglas Hoto has said.
Speaking at the Institute of Internal Auditors of Zimbabwe (IIAZ)’s annual conference in Victoria Falls last week, Hoto said as Zimbabwe embarks on an economic turnaround, it will be critical to abide by the rules.
“When changes are happening very fast, that is the time when shortcuts are taken and the rules are not observed so it will be the internal auditor’s role to make sure that entities do things by the book,” he said.
“It is critical for the internal auditors…to give input, first of all at a micro level but more importantly, at a macro level as the nation tries to navigate a new way forward around a new economic dispensation,” the actuary said, adding that “there are too many new things in the country but new things must follow the rules, even if they are new”.
His remarks come on the back of internal auditors often facing resistance in the discharge of their duties from management.
Hoto called upon IIAZ to support and protect the function in both public and private entities.
“There is a need for good leaders and comfort with the truth, for auditors to be effective. Mangers have a tendency to push back when auditors come with bad news,” he said.
Barnabas Vera, IIAZ’s president, said the institute is committed to raising the profile of internal auditors in Zimbabwe.
“…the institute thrives to promote corporate governance, compliance, strong internal controls and risk management as part of a bigger fight against fraud and corruption in Zimbabwe,” he said.
IIAZ — which currently has 801 members — is part of the global institute of internal auditors headquartered in Florida, USA.

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