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Thu, 07 Nov 2019 12:04 - Updated Thu, 07 Nov 2019 12:04

Internal audit strengthens public and private companies

Luanda - The Finance and Treasury State secretary, Osvaldo João, declared on Wednesday that the creation of a strong and organised group of professional auditors will help public and private companies to be better prepared for the future.

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Finance and Treasury State secretary, Osvaldo João.

Photo: Nelson Malamba

Speaking at the opening of the annual internal audit conference that happens under the theme ''The Audit Time is Now'' the creation of a high classified group for internal professional audits must be based on the best practices and the basic principles of ethics and responsibility.

He referred that the recognition of the Angolan Audits Institute as a training institute, status granted by the international governing body, with its headquarter in the United States of America, will draw attention and adherence of the an increasing number of professionals in this area.

''We are looking forward to guaranteeing and equilibrium of the budgetary management, finance and state’s heritage, through methods and procedures aligned with the most demanding international standards'' he said.

He encouraged internal audit expansion in all activities sector, such as finance, insurance, information systems, transportation and infra-strictures.

He stressed that the Ministry of Finance is the executive body responsible for inspecting and supervising all acts resulting from the use of resources made available to public managers in the execution of the State Budget.

He went on to state that “we all are facing a number of challenges in the areas of transparency in management and good governance”, which requires measures to strengthen the fight against willful misconduct, illegal practices and fraudulent management , among other behaviours that must be watched and repressed.

He reminded that there is an ongoing privatization programme (Propriv)that aims to privatize 195 companies, including 32 classified as very important companies for the country.

In his view, the disposal of the assets under this programme, which should take full body until 2021, obeying various procedures, knowing that most of the 195 public companies or with state-participation are expected to be divested over the next year.

The success of this programmr depends to a large extent on investors' perception of good governance.

“This is even more important for companies that are to be alienated through the Bodiva (Securities Exchange), as companies with the most appropriate internal control mechanism are usually more efficient and, therefore, more likely financed through the securities market”, he stressed.

To the Angolan Institute of Internal Auditors' chairman, Ladislau Ventura, said there was no concrete number of internal auditors, because internal audit is not yet a recognized profession, “it is simply a function that is performed by some employees, but then there is not an investment in terms of training and retention of these talents, one of the risks and challenges being talent retention.”

According to the chairman, the internal audit is a preventive control with purpose in face of the existence of risks in the companies.

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