"Auditor Generals of Multilateral Financial Institutions are committed to rethink their delivery models and position audit services to support their institutions' strategic objectives," Chukwuma Okonkwo, African Development Bank Group Auditor General, told the Multilateral Financial Institutions (MFIs) Chief Audit Executive Group during their 2018 Annual Meeting, which is hosted by the Bank from March 7th to 9th 2018. The meeting provides participants a platform to openly discuss/share ideas, challenges, achievements, and lessons learned in internal auditing in a confidential setting.
Okonkwo observed that positioning audit services to support strategic objectives of MFIs will help the institutions navigate through emerging risks. "This meeting provides a unique opportunity to share experiences and benchmark our services for greater value addition" he said.
In his welcome address to the delegates, the African Development Bank's Executive Director for France, Belgium and Spain and Chairman of the Board's Audit and Finance Committee, Dominique Lebastard, underscored the relevance of the meeting, noting that expectations are high: "You must fulfil your mission with independence and courage" he said. He also challenged internal audit functions to not only be conveyors of lessons learned from the past, but, more and more, to be pro-active and alert on emerging risks such as cloud computing or dissemination of fake news through social media. "Your role is essential in safeguarding the reputation of an organization," he concluded.
The meeting has brought together ten MFI Chief Audit Executives - African Development Bank (AfDB), Asian Development Bank (AsDB), Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IADB), International Monetary Fund (IMF), Islamic Development Bank (IsDB), New Development Bank (NDB) and the World Bank (WB) Group - who shared perspectives on new challenges, achievements, and lessons learned in internal auditing.
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. The Office of the Auditor General's (PAGL) mission is to assist the Bank Group in the attainment of its strategic objectives. PAGL is responsible for planning, organizing, directing and controlling a broad, comprehensive program of auditing both internally and externally including without limitation all projects and programs of the Bank group.
The African Development Bank's Audit and Finance Committee (AUFI) is a body of the Board of Directors that makes recommendations on the appointment of External Auditors, reviews the periodic financial reports and statements of the Bank and the special purpose financial statements of the Fund, as well as statements of funds administered by the Bank. The Committee reports the outcomes of such reviews to the Boards of Directors. The Committee also examines audits and policies as well as other financial matters with an important bearing on the Bank's or the Fund's financial situation, and assesses the internal control mechanisms of the Bank Group.