NIA Chairman, Eddie Efekoha
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Chuks Udo Okonta
A group has called on internal auditors of insurance firms to be bold in engaging senior management to stem the unethical practices prevailing the industry.
The call was parts of the takeaways of the annual seminar organised by the Risk Management and Compliance Committee of the Nigerian Insurers Association (NIA).
According to the group, internal auditors have to be bold and engage senior management appropriately and should not be easily brow beaten or intimidated.
They also advocated the need for internal auditors to be conscious and separate their consultancy role from their assurance roles.
“Internal Auditors play a significant role in general risk compliance which includes a consultancy and assurance functions over general risk compliance processes. However, caution needs to be exercised on balancing the degree of consultancy over processes that the internal auditor is required to give to assurance,” they posited.
A shareholder who also spoke on the need for professionalism in auditing, said internal auditors have a lot to do in mitigating financial malpractices in companies. According to him, internal auditors should serve as a stop valve, not allowing managements engage in frivolous spendings.
