Auditors, businesses asked to adopt technology to improve efficiency

Internal Auditors and businesses in the country have been urged to adopt technology to enhance their efficiency for improved results.

This is because the availability and use of varying technologies including data analysis tools is critical for businesses and organisations to move into the next phase of their growth, Director-General of State Interests and Governance Authority (SIGA), Stephen Asamoah Boateng, has said.

Despite the benefits, he reminded users of technology of the need to build effective cyber security systems to fight the associated risks and threats, which if left unchecked, could lead to the collapse of an organisation.

He was speaking at this year’s Board/ Chief Executive Officer (CEO)/Chief Audit Executive (CAE) Governance Workshop, held in Accra yesterday.

Organised by the Institute of Internal Auditors Ghana (IIA-Ghana), the event was on the theme “Leadership: Imperative for Institutional Survival.”

Mr. Boateng stated that as auditors, they were expected to be effective in their operations saying “you cannot stick to the old ways of conducting your activities and get the preferred results, you must adopt.”

He reiterated the need for balance in the deployment of available human resource as both the old and new generation had a vital role in organisational growth.

“As leaders, we have to contend with inter-generational differences and how we manage them.  Dealing with this demographic change will be a major determinant of our organisation’s success,” the Director-General added.

He asked internal auditors to continue to be the backbone of an organisation’s growth by ensuring strict compliance with the use of resources, and pointed out irregularities that promoted misuse of funds.

Jenitha John, Past Global Board Chair, IIA Global, asked businesses to reprioritise their audit plans to focus on businesses modules such as client, comparative landscape, culture, compliance and cybersecurity. 

She asked organisational leaders to be resilient and practicalise innovative means which would start cultivating profitable gains in the organisation.

“Have a lifelong learning as a priority that will make you more imaginative, innovative and make sure you are more digitally fluent in what you are doing to ensure the success of your business,” she added.

President of the IIA-Ghana, Harriet AkuaKarikari, reiterated the need for critical and strategic leaders who would redefine their roles and ensure the survival and growth of organisations in the face of a global pandemic that had altered the operations of businesses.

She noted that it was imperative corporate governance experts share the cutting-edge and contemporary experiences that would make organisations to scale new heights and progress.

The workshop, she said, offered the platform to deliberate on current challenges in organisational agility, innovation, and change, which were crucial for stability.

BY CLAUDE NYARKO ADAMS and JESSEL LARTEY THERSON-COFIE

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