Economic growth needs effective auditing: Official

The National National

By KELVIN JOE
PAPUA NEW GUINEA can sustain strong economic growth through effective auditing, Motor Vehicle Insurance Ltd (MVIL) managing director Michael Makap says.
Makap said PNG was part of the international business community where every Government and business organisation in the country needed to comply with international auditing standards to produce good governance.
“Auditing ensures that compliance is adhered to by business and Governmental intuitions,” he said.
Makap said auditing ensured that internal and international regulations were followed to avoid corruption and mismanagement in organisations.
“The auditors are strategic business partners to the management and board of an organisation,” he said.
“They monitor business systems and processes, identify and manage risk, test controls to provide reasonable assurance about the achievement of the entity’s objectives through:

  • RELIABILITY of financial reporting;
  • ‘COMPLIANCE with laws and regulations;
  • EFFECTIVE and efficient of operations; and,
  • SAFEGUARDING of assets.

Makap said MVIL supported the Institute of Internal Auditors (IIA) PNG as an internal audit was tasked with the critical role for socio-economic growth and survival of business.
“Internal audit will also contribute to the overarching impact of making companies and institutions resilient to produce transparent results during these challenging times.”
Makap was speaking during a presentation of K20,000 yesterday to assist the IIA PNG Chapter to host its 16 annual conference in October.
He said MVIL was the gold sponsor of the IIA PNG.
According to the IIA, the two-day conference would be attended by auditors and business leaders in various public and private organisations, including representatives from Singapore, New Zealand and Australia.