On Friday 6th of October, Public Sector Accounting Standard Board (PSASB) and the Institute of Internal Auditors (IIA), signed a Memorandum of Understanding (MoU) at the CPA Center in Nairobi, to promote professionalism, facilitate capacity building, research, integrity and ethical conduct in regard to internal auditing and risk management within the Public Sector.
Inside the Memorandum, it’s agreed that both organisations will cooperate and focus on the development and adoption of Internal Audit Standards and Frameworks, promote and monitor the Implementation of the Standards, provide training and capacity-building programs, and offer advisory services to enhance the efficiency and effectiveness of service delivery in the public sector.
“Public Finance Management Regulations for the National and County Governments, require internal auditors to comply with the International Professional Practices Framework (IPPF), as issued by the Institute of Internal Auditors from time to time. The regulation also directs internal auditors to follow policies and guidelines issued by PSASB, to ensure uniformity and consistency across the public sector,” PSASB CEO FCPA Fredrick Riaga said during the event.
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IPPF is the conceptual framework which provides internal audit professionals with authoritative guidance. Internal audit functions are expected to leverage IPPF to facilitate the ability to achieve the mission of enhancing and protecting organisational value, by providing risk-based and objective assurance, advice and insight.
This ultimately improves transparency and accountability in the public sector.
In addition, the MoU also seeks collaboration to support heads of internal audit, within public sector entities in establishing and implementing quality assessment improvement programs, with the ultimate objective of assessing the effectiveness and efficiency of internal audit functions and conformance with the standards and code of ethics.
Speaking during the event, ILA CEO Ms Joyce Omina further explained the importance of organizations having an Internal auditing.
“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. Internal Auditing helps organizations accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. This partnership seeks to enhance that role,” she said.
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