Development of Internal Audit Systems

Cowater implemented this three-year, USD 438 000 World Bank-funded project (2013-2016) which improved the internal controls, accounting, accountability reporting and oversight of the government of Malawi. We assisted the Central Internal Audit Unit in enhancing their auditing capacity through aligning international audit laws, regulations and manuals with international standards, the provision of training, and the development of a quality assessment framework. Specifically, Cowater assisted in updating the Internal Audit Manuals and Standardized Audit Working Papers to be fully compliant to the International Professional Practices Framework of the Institute of Internal Auditors. We strengthened internal audit functions and improved internal financial control systems through reviewing National Audit Laws and Regulations. We also delivered training on risk-based internal audit methodology and Computer Assisted Audit Techniques which led to the internal audit staff conducting pilot audits. The project led to enhanced change management processes and strengthened Audit Quality Assurance.