The University of Cape Coast’s School of Business recently convened an international conference aimed at dispelling myths surrounding internal auditing.
The event, which brought together heads of internal audit departments from Nigerian universities, focused on fostering knowledge exchange and enhancing auditing practices across Africa.
During the opening ceremony, Professor John Gartchie Gatsi, Dean of the School of Business, addressed prevalent misconceptions about internal auditing, underscoring the critical role of auditors in maintaining institutional integrity and transparency.
“Internal audits are often shrouded in fear,” Professor Gatsi remarked. “People worry that auditors can jeopardize their positions, tarnish their reputations, or enforce stringent policies. However, auditors are not there merely to find faults. Their true role is to ensure compliance with policies, regulations, and statutory provisions, thereby enhancing accountability and transparency.”
Professor Gatsi also highlighted the significance of internal auditors in upholding organizational standards stating that “Effective internal auditing is essential for assuring the integrity of financial and operational processes. When done correctly, internal audits foster transparent transactions and promote organizational growth.”
“However, auditor independence remains a challenging issue, as auditors must balance professional objectivity with potential influences from within the organization.”
In his address, Professor Kwame Osei Kwarteng, Provost of the College of Humanities and Legal Studies, emphasized the high standards expected from internal auditors stating that “Internal auditors serve as watchdogs, ensuring that organizations manage their resources effectively and operate efficiently.
According to him, “They must uphold professionalism and integrity, even when faced with significant challenges or potential conflicts of interest. Their role is crucial to preventing organizational inefficiencies and ensuring that institutions do not falter.”
The conference underscored the importance of internal auditing in fostering accountability and transparency across institutions, reinforcing the critical role auditors play in shaping effective organizational practices.
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Source: Angelina Riley Hayford/ATLFMNEWS
