Annual General Meeting held on 14th June 2013- Communication from the Chairman

1. INTRODUCTION

The former President of the Institute of Internal Auditors Mr. Richard Mutesasira resigned in October 2012. The Board of Directors in consultation with the Board of Trustees appointed one of the Vice Presidents. That person was myself - Mr. Timothy Etoori.

I would thank all of you for the support during the ensuring period from October 2012 until now. I would also like to thank all of you for turning up at this meeting.

I would like to briefly outline the challenges faced by the Institute and the accomplishments over the last two years or so.

1.1. CHALLENGES

The challenges we face as professional internal auditors are many and include the following:

  1. There is a lack of awareness as to what exactly internal auditors do, and that internal audit needs to be carried out professionally according to the standards.
  2. There is a lack of realization that internal auditors have to be trained just as external auditors have to be trained.
  3. There is a lack of awareness that after training internal auditors should be mentored and exposed to best practice in order to provide quality service. Indeed there are no standards for experience and exposure as is the case with external audit.
  4. There is no legislation setting out the requirements, no licensing body for internal auditors and not even guidelines. We have several organizations and individuals carrying out internal audit activities without knowledge of the professional framework [IPPF].
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