INTERNAL AUDIT UNIT
The Internal Audit Service assist Management of the Tanzania Institute of Accountancy (TIA) to accomplish its Vision, Mission and objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Furthermore the unit is required to add value to the institute’s operations. In order to achieve the Institute’s Vision, Mission and Objectives the Unit is required to perform the following duties: Objectively review an Institute’s business processes, evaluate the efficacy of risk management procedures that are currently in place, Protect against fraud and theft of the Institute’s assets, ensure that the Institute is complying with relevant laws and statutes, Make recommendations on how to improve internal controls and governance processes.
The Internal Audit Department (IAD) is required to conduct Internal Audits of the Tanzania Institute of Accountancy with its Campuses namely: Head Office (Dar Es Salaam), Mbeya Campus, Singida Campus, Mtwara Campus, Mwanza Campus and Kigoma Campus, the report is issued quarterly as per annually Internal Audit Plan and as per various engagement letter as per Accounting Officer’s approval.
In order to perform its mandated duties professionally TIA’s Internal Audit unit use the International Professional Practices Framework (IPPF) issued by the Institute of Internal Auditors (IIA) which is the foremost international professional association for internal auditing. The IIA’s globally accepted definition of internal auditing states that:
“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”
National Board of accountants and Auditors (NBAA) Governing Body through Technical Pronouncement No. 1 of 2011, adopted the use of IPPF in Tanzania as from 1st July 2011 and now it is mandatory for any internal auditor to apply it in performing his/her duties.
The chief internal Auditor (CIA) report to the Accounting Officer administratively and to the Audit Committee functionally