Internal audit department play a vital role in organisation management in detecting and preventing fraud, testing internal control systems and monitoring compliance.
In Rwanda, many local SMEs lack the internal audit departments which has hinders their development and expose them to the fraud and incompliances.
Gerald Nyangezi, the president of the Association of Internal Auditors of Rwanda said, “The umbrella body designed to enhance capacity and professionalism among local auditors. The association’s top priorities is in local SMEs, and how it is going to promote the culture of internal auditing in Rwanda, particularly among small businesses.”
The association was established in 2011 aiming to be accredited at international level. Through this, the internal auditors will be mobilized under one umbrella body so that we can work together in developing the profession, sharing experiences, knowledge and assisting companies to assess and mitigate the risks involved in doing business.
Auditing is a value-adding function which companies, especially small-and-medium enterprises (SMEs) should place at the core of their businesses. Most SMEs face challenges when trying to access credit because they don’t have records of account.