Thumbnail photo left: Inonge Wambulawae, CIDRZ Chief Financial Officer and Zambian Accountant of the Year – 2014 delivering a talk “Auditing Third Party Risk – The Boards Perspective! at the Governance, Risk and Control – Adapting to Change Institute of Internal Auditors Zambia meeting recently.
Above from L: Emmanuel Lumbwe (Head of Audit Department), Emmanuel Chisongo, Nedson Theu, Elizabeth Makeche, Inonge Wambulawae (CFO) and Danny Sulwe
Internal Audit is an integral part of the CIDRZ programme management cycle with an expanded role to provide risk assessment and management as well as monitoring compliance to donor regulations and conditions.
“Internal audit is not just about checking petty cash, but it is a function that helps review all aspects of a programme to achieve better results and ensure value for money considering that we use donor conditional grants that need to be reported against,” says Mr. Emmanuel Lumbwe, Head of Internal Audit.
We are not the Police, we are Partners
The Internal Audit function at CIDRZ draws its mandate from the organisation’s Audit Charter and has control over internal audit, compliance, governance and other associated systems and reports directly to the Audit Committee, a subcommittee within the Board of Directors. “We normally conduct annual risk assessments which are ranked in hierarchical order. We then engage with the programme staff to see how we can avert or minimise risk likelihood and impact; this is what drives our risk plan for the year.”
“I am aware that internal audit has been viewed as a ‘police’ but it shouldn’t be like that, we are partners in fulfilling our mandate as CIDRZ. That’s why we engage our colleagues in programmes to see how best we can achieve our results while complying to set standards and procedures,” Mr. Lumbwe adds.
Maturing in Risk Management
Over the past few years, CIDRZ has worked towards strengthening the internal audit function within the organisation. Among the interventions implemented include the establishment of the Audit Committee within the Board as well as the Risk Management Committee within the CIDRZ management structure, with the latter also tasked with capacity-building of staff in internal audit.
“Much of the recent funding into CIDRZ has been coming because of the confidence donors have in the improved and strengthened Audit systems. I am proud to say that CIDRZ is maturing in risk management and we are proud of that achievement,” notes Mr. Lumbwe.
CIDRZ Internal Audit Keeping up with Modern Trends
With risk management being dynamic, all five members of the CIDRZ Internal Audit team are members of the Institute of Internal Auditors Zambia (IIA-Z), a national body that provides training and guidance on best practices. Recently, the CIDRZ Internal Audit team attended a two-day conference organised by the IIA-Z in Livingstone, Zambia which focused on Governance, Risk and Control – Adapting to Change.
“It’s always important for internal auditors to be abreast with the current trends so they can know how best to serve their organisations,” added Nedson Theu, an Internal Auditor at CIDRZ.
During the Conference, CIDRZ’s Chief Financial Officer and also 2014 Zambian Accountant of the Year, Inonge Wambulawae was a key speaker and presented on Auditing Third Party Risk – The Boards Perspective!