INSTITUTE OF INTERNAL AUDITORS MALAWI
18TH ANNUAL CONFERENCE
30TH AUGUST – 2ND SEPTEMBER 2018
SUNBIRD NKOPOLA LODGE
Theme: Gaining the Edge with Partners in Excellence
CONFERENCE PROGRAMME
Day 1, Thursday 30th August 2018
14.00 – 21.00 Arrival of participants and registration at Sunbird Nkopola Lodge and Sun n Sand
Day 2, Friday 31st August 2018
07:45 – 08:00 Delegates take their seats
08:00 – 08:20 Welcome Address by the President of IIAM
08:20 – 08:50 Keynote Address by Guest of Honour
08:50 – 09:00 Group photo by Events & Organizing Committee
09:00 – 09:15 Partnership/Sponsorship Slot (ACL)
09:15 – 09:55 Topic 1: Impact & Effectiveness of Internal Auditors from the CEO and Board Perspective
PRESENTER: KWANELE NGWENYA, NBS Bank CEO – Malawi
09:55 – 10:05 Troubleshooting/ Q&A Session
10:05 – 10:20 Partnership/Sponsorship Slot (K-SAP)
10:20 – 10:35 REFERESHMENTS BREAK & NETWORKING
10:35 – 11:15 Topic 2: Game Changer
PRESENTER: Dr Naomi Ngwira - Malawi
11:15 – 11:25 Troubleshooting/ Q&A Session
11:25 – 11:35 ACB Slot
11:35 – 11:50 Partnership/Sponsorship Slot (NBS)
11:50 – 12:30 Topic 3: Pensions Act. Employer Obligation and Employee rights
PRESENTER: CHIMWEMWE KACHINGWE - Malawi
12:30 – 12:40 Troubleshooting/ Q&A Session
12:40 – 13:40 LUNCH BREAK
13:40 – 14:20 BREAKAWAY SESSIONS
Topic 4: Data Analytics & Robotics – Future of Internal Audit
PRESENTER: Charles Chitowe – Malawi
Topic 5: Enterprise Risk Management (ERM)
PRESENTER: Angela Witzany – IIA Global HQTRS
14:20 – 14:50 PLENARY
14:50 – 15:30 Topic 6: Information Security on the cloud
PRESENTER: CLARENCE GAMA - Malawi
15:30 – 15:45 REFRESHMENTS BREAK & NETWORKING
15:45 – 17:30 ANNUAL GENERAL MEETING (2017/18 PAID UP MEMBERS ONLY)
16:00 – 18:00 Leisure Non-Members
19:00 – 21:00 COCKTAIL
Day 3, Saturday 1st September, 2018
09:00 – 09:10 Membership and Publicity Talk – Bright Sitima
09:10 – 09:50 Topic 7: IIA Malawi Legislation/Draft Internal Audit Act
PRESENTER: APOCHE ITIMU - Malawi
09:50 – 10:00 Troubleshooting/ Q&A Session
10:00 – 10:15 Partnership/Sponsorship Slot (Old Mutual)
10:15 – 10:30 REFERESHMENTS BREAK & NETWORKING
10:30 – 11:15 Topic 8: Trusted Advisor
PRESENTER: Angela Witzany – IIA Global HQTRS
11:15 – 11:30 Troubleshooting/ Q&A Session
11:30 – 12:00 Closing Remarks - IIA Malawi President
12:00 – 13.00 LUNCH BREAK
13.00 – 18.00 Leisure: Various Sporting Activities
19.00 Pungweee!! DINNER DANCE
Day 4, Sunday 2nd September, 2018
09.00 Breakfast, Guests Check out and Depart for Home
GUEST OF HONOUR: DR DALITSO KABAMBE
GOVERNOR of the Reserve Bank of Malawi
Dr Dalitso Kabambe was appointed Governor for the Reserve Bank of Malawi on 21 April 2017. He is married and has three children. He holds a PhD and a Master’s Degree in Development Economics from Imperial College - University of London, United Kingdom which were obtained in 2008 and 2001, respectively. He also holds a BSc Degree from the University of Malawi, obtained in 1998. As Governor of the Reserve Bank, he is responsible for providing strategic direction and leadership, in line with the principles dictated with the role of a central bank. His prime focus is on the design and execution of the objectives outlined by the monetary
policies; strengthen the exchange rate stability and advocate for the soundness and development of the financial system, which in the end will ensure economic growth. He undertakes and oversees all Central Bank communications with the public to ensure that these are in alignment with the Bank’s primary goals and objectives. Previously, Dr Kabambe worked in the Malawi Government Economic Service for a period of 19 years from 1998. He held different positions such as Principal Economist, Chief Economist, Deputy Director of Economic Planning and, Budget Director in the Ministry of Finance, Economic Planning and Development. He also served as Secretary for Foreign Affairs and International Cooperation for close to 2 years. As a member of the Government Economic Management Team for Malawi, Dr Kabambe contributed in formulating, implementing and managing the country’s fiscal, monetary and real sector policies; Carried out macroeconomic policy analysis forecasting/modelling and preparation of the National Accounts and Balance of Payment (BOP); Conducted macroeconomic research including Business Interviews and prepared periodic reports on the performance of the Malawi economy, including economic reports; Participated in all discussions/meetings on macroeconomic issues on fiscal, monetary, external, Public Financial and Economic Management (PFEM), national accounts and IMF Missions; Initiated and coordinated the formulation of medium to long term sectoral and national development strategies and policies; Analysed potential impacts of economic and development policies including bilateral and multilateral policy decisions; Coordinated the preparation and execution of budgets including Public Sector Investment Projects (PSIP) and ensure effective and efficient delivery of public services; Conducted the reviews of the country’s development strategies, policies, projects and programs to ensure that they are in line with the medium to long term development priorities; Analysed both domestic and international socioeconomic policies, programs and projects as well as shocks on the economy and formulated appropriate policy recommendations; In addition and specifically as Budget Director, Dr Kabambe provided professional advice and guidance on Fiscal, Monetary and Real Sector policy positions of the country; Reviewed Budget Policy practices, taxation and all elements of Government Revenues and Expenditures; Monitored performance of Treasury Funds, Trust Funds, Subvented Organizations and Parastatal Institutions; Vetted annual and supplementary national budget estimates before submitting to Cabinet and Parliament; Monitored Government financial
position at the Reserve Bank on regular basis; Participated in Malawi’s efforts aimed at mobilizing aid and technical assistance from bilateral and multilateral partners.
OPENING REMARKS TO THE 2018 INSTITUTE OF INTERNAL AUDITORS MALAWI
ANNUAL CONFERENCE
On behalf of the Board, the organizing committee and the Secretariat, I welcome you all our esteemed members and guests to the 2018 annual conference of the Institute of Internal Auditors Malawi (IIA Malawi). Special welcome to our guests who have travelled all the way from Austria and Zimbabwe respectively, representing IIA Global and IIA Zimbabwe to be part of this conference. I hope our guests and all delegates will enjoy the conference while experiencing the friendly hospitality at this magnificent Conference Centre, Sunbird Nkopola.
This year’s conference is being held under the theme “Gaining the edge with partners in excellence”. The choice of this theme was thoughtfully done, being mindful that, after decades of coming from behind and reacting to an already destroyed control environment, it’s time to position ourselves to an insightful mode and proactively advise our stakeholders to be winners. Therefore, for us to gain mileage in this economy and deliver positively on our mandate of providing assurance on Governance, Risk Management and Control (GRC) processes, knowledgeable and competent Internal Auditors are needed to ably advise.
In today’s world our goal is to earn returns both monetary and in-service delivery. Time has therefore come for us (Internal Auditors) to accelerate performance by igniting our thinking so that we remain relevant in the ever-changing world. It’s important that, Auditors playing these roles are well conversant and knowledgeable so that institutions benefit. At this conference, we will have a chance to receive feedback from the CEO/Boards perspective as to whether we are gaining the edge enough. The feedback will help us to appropriately align so that we positively impact and focus where there is need.
To achieve this alignment, It’s the Institutes desire that all internal auditing practitioners are registered with IIA to allow them to get relevant information and world trends that come in through the IIA global. Lack of legal instruments to govern internal auditors in Malawi is a challenge when it comes to enforcing those Internal Auditors practicing without registering with the IIAM. If the draft law is enacted it will be easy to regulate all IAs to an effective performance. We are happy that in this conference we will be taken through the provisions of the IIA Malawi Legislation/The draft Internal Audit Act so that we understand and know what it entails. In addition, we will also be taken through the Pensions Law in Malawi to ably apply and advise. Ladies and Gentlemen, we are living in a digital era where the notion of internet of things (IoT) is an in thing. As Internal Auditors we need to understand our role to manage the risks that come along with technology, hence the need to understand where the future will be in terms of data analytics and robotics. You will all agree with me, members and delegates that in the (IoT) environment, physical working papers, files and documents are fading away, as such information is being stored in the cloud rather than in the drawers and cabinets as the case was. With these advances in technology, information security is key to mitigate cybercrimes and other information technology risks. In addition, we need not to forget that the world is changing and so are the risks, if we continue sticking to our old ways of doing things where we routinely advise on issues that are already known to our valued clients, it will bore them and our work will not attract any action, we need to adopt a spirit of a game changer to remain relevant. At this conference we will listen to
renowned presenters who will motivate us into being drivers of positive change to impact the world around us. Lastly but not least, Internal audit work is regarded as a tool for value addition in forms of assurance and advising. It is therefore necessary for internal audit function to portray traits of a trusted advisor and ably advise on risk management to ensure organizations goals are achieved.
I am confident that, this conference will be one of its kind where our horizon of understanding on internal audit matters will be widened. The objectives of this conference will be achieved because the choice of this year’s guest of honor and presenters was carefully done to ensure that we get the best for our members and all participants. Apart from listening and tapping from these great minds, we will also have a chance to mingle, network and participate in social activities that have been outlined by the organizing committee. I therefore urge you all to participate fully and enjoy!
To all our sponsors and partners, your contribution will go a long way and help us gain the edge we are desiring as Internal Auditors so that we aptly serve our country and stakeholders better.
With these remarks I wish you all wonderful deliberations and insights at this annual conference for the IIA Malawi and God Bless you all.
Thokozile Kuwali CIA, CRMA, CFSA
IIA Malawi President
MEET THE PRESENTERS…
Topic: Enterprise Risk Management
Presented by: Angela Witzany, CIA, QIAL, CRMA, IIA 2016-17 Global Chairperson of the Board
Angela Witzany is currently head of internal audit of Camelot Ltd., a 100% associated company of Sparkassen Versicherung AG Vienna Insurance Group, the IT company of the Insurance Company. Starting by April 2018, Angela Witzany serves as well as the Data Protection Officer for Vienna Insurance Group (VIG), responsible for all insurance companies of VIG in Austria and acts as the coordinator in Central Eastern Europe. The Vienna Insurance Group is an international insurance group headquartered in the Austrian capital; with over 25,000 employees work for the Vienna Insurance Group, at around 50 companies in 25 countries.
She was head of internal audit for Sparkassen Versicherung AG Vienna Insurance Group, a large life insurance provider in Austria. Witzany has been an internal auditor in the insurance sector since 1997, when she developed Sparkassen Versicherung’s new internal audit function. She served there as head of internal audit from 2001 to 2017 and had responsibility for internal audit activities in Austria and Central Eastern Europe. Further, Witzany served as the Austrian Insurance Association’s vice president of the Committee of Internal Audit and Control. She was an active member of that organization since 1997. Over the past decade, Witzany built an impressive record of volunteer service, particularly with The Institute of Internal Auditors (IIA). Most recently, she was Chairman of the IIA’s Global Board of Directors for 2016-17. A member of the Global Board since 2013, Witzany previously served as senior vice chairman. She also was chairman of the Finance Committee, chairman of the Professional Guidance Advisory Council, and a member of the Professional Certifications Board. Witzany also was chairman of the board for IIA-Austria and lead the permanent working group of private insurance companies as a contributor to numerous internal audit guidelines, model audit charters, and audit engagement programs. In Europe, she served as a board member of the European Confederation of Institutes of Internal Auditing (ECIIA) and completed her term as vice president in 2015. She is a frequent speaker and moderator at internal audit conferences around the world and has written about internal audit-related topics for a number of publications. As IIA Global Chairman, Witzany spoke on the theme “Audit Never Sleeps,” advocating that internal auditors must be credible, reliable, and have strong relationships to ensure their organizations are well-positioned to meet the challenges of a dynamic and complex business environment. “Internal auditors have sought to add value to their organizations by working tirelessly and passionately to meet the evolving expectations of stakeholders, and to become trusted advisers and partners to boards, audit committees, and management,” Witzany says. Witzany earned her master’s degree in commercial science at Vienna University of Economics and Business and is a certified accountant. She holds the Certified Internal Auditor (CIA), Qualification in Internal Audit Leadership (QIAL) and Certification in Risk Management Assurance (CRMA). She is a lecturer and trainer on internal auditing in the insurance industry at an Austrian university, Johannes Kepler University Linz.
Topic: Impact and Effectiveness of Internal Auditing from the CEO and Board Perspective. Presenter: Kwanele Ngwenya, CEO NBS Bank
Mr Kwanele Ngwenya is a professional banker with international experience in commercial banking covering corporate, commercial and retail banking. Mr Ngwenya joined NBS Bank as CEO in April 2017 after completing a 2-year contract as CEO for Opportunity International Bank of Malawi. His role is to provide overall direction and leadership of the bank and ensure that all aspects of the bank’s activities are managed efficiently and effectively to achieve the best interest of shareholders, customers and employees. Mr Ngwenya is responsible for the provision of highest level of customer relations and service by ensuring compliance with bank policies and procedures as well as those of the regulatory and supervisory authorities. He previously worked for Steward Bank as its first CEO and Executive Director. He is currently the Chairman of National Switch Malawi, Vice President of Bankers Association of Malawi and a board member of Nico Technologies. He holds 2 master’s Degree in administration and Strategy.
Topic: The IIA Malawi Legislation/The draft Internal Audit Act
Presenter: Apoche Itimu, Legal Advisor Mota-Engil Construcao Africa, the Malawi Branch
Apoche Itimu holds an LLB Bachelor of Law (Hons) degree from University of Northampton, a post graduate diploma in Legal Practice from Staffordshire University and an LLM master’s in international law and World Economy from University of East London. She has over 10 years of legal work experience having worked in the international, public and private sectors.
Topic: Data Analytics & Robotics
Presenter: Charles Chitowe
Charles is an Information Systems Audit expert with practical experience in the audit of information systems. He is a Certified Information Systems Auditor (CISA) and a member of the Information Systems Audit & Controls Association (ISACA). He is a member of IIAM Board and the Continuous Professional Education (CPE) Committee of the IIAM. He holds a master’s in computer systems Audit, currently he is working for Reserve Bank of Malawi as Manager Information Systems Audit.
Topic: Game Changer
Presenter: DR Mrs. Naomi Mkandawire,
Dr Mrs. Naomi Mkandawire served as Deputy Governor for the
Reserve Bank of Malawi from 2012-17, where she was responsible
for the formulation and implementation of foreign exchange and
monetary policies. Before that she worked as Director of Debt and
Aid at the Ministry of Finance of Malawi.
Dr. Mkandawire was Lecturer and head of department at the
University of Malawi from 1997 to 2003 where she taught graduate
students econometrics and economic policy and planning. She has
conducted research and consultancies for various organization in
Malawi and in the Africa region and beyond that including UNDP,
UNECA, USAID, The OECD, ODI UK, DFID Malawi, and the Ministries of Finance of Zambia,
Lesotho and Zimbabwe, on topics such as Budget Formulation and Implementation, Poverty
Reduction Strategy Papers, Aid and Debt Management, Women’s Poverty and Inheritance
Rights, and Gender Budgeting. She has been extensively involved in civil society campaign
for social justice and is a founding member of the Malawi Economic Justice Network. In 2003-
4 she served as Chairperson of the Special Law Commission of Marriage and Divorce.
Dr. Mkandawire has served in various capacities that include board member of Celtel Malawi,
Malawi Development Corporation, Press Agriculture, and the African Economic Consortium,
Nairobi. Currently she is on the Board of CDH Investment Bank. In 2003 she served as UN
Secretary General’s envoy on a panel of Women and HIV/AIDS in Southern Africa. In 2011/12
she was on the advisory team to the minister of finance of Ireland on Debt and Aid
management, where she contributed to the preparation of the White Paper on Aid for the Irish
Government.
Dr Mkandawire holds four degrees in Economics from the University of Malawi, East Anglia
and Michigan State. Her professional and career goal has been/is to contribute to research,
dialogue and practice of national economic management in Malawi that leads to poverty
reduction, and in gender responsive manner.
Topic: Information, Security in the cloud Presenter: Clarence Gama, CEO, NICO Technologies
Clarence has been leading Technology teams in the financial and
telecommunications industries for 10 years. He is the CEO for
NICO Technologies since July,2016, Prior to that he was Country
Service Manager at IBM working on the Airtel Managed services
contract. NICO Technologies operate IT managed services
agreements in Insurance and Banking with NICO Group of
companies managing information security, computer
infrastructure and software. He holds a BSc in IT and IBM
Certifications in Leadership, Project Management and
Cybersecurity.
Clarence is a member of the Project management institute and holds a Toastmasters
International competent communicator award. He is passionate about motivation and
mentorship and hence enjoys public speaking in his free time, and additionally enjoys good
music, playing squash and Photography.
Topic: Pensions Act. Employer Obligations and Employee rights.
Presenter: Chimwemwe Kachingwe, Director for Pension and Insurance Supervision at
Reserve Bank of Malawi
Miss Chimwemwe Kachingwe is the Director for Pension and
Insurance Supervision Department at Reserve Bank of Malawi. She
holds a Master of Science degree in Banking, International
Economics and Finance. Miss Kachingwe also holds a Certificate in
Insurance. She boasts of a 17 year-strong background in financial
regulation that has seen her through bank supervision, insurance
supervision and pension regulation.
PLATINUM SPONSORS GOLD SPONSORS SILVER SPONSORS
CONTRIBUTIONS
RESIDENTIAL: FULL BOARD
Nkopola Sun ‘n’ Sand
Member K490,000 K450,000
Non-Member K565,000 K520,000
This includes conference fees and materials, meals &
accommodation for participants only. Rooms will be
allocated on a first come first serve basis.
NON-RESIDENTIAL: (PARTICIPANTS ARE REQUIRED TO MAKE
THEIR OWN ACCOMMODATION ARRANGEMENTS)
IIA MEMBER: K300,000
NON-MEMBER: K355,000
This covers conference materials, refreshments, and lunch at
Nkopola lodge only.
OTHER CONFERENCE DETAILS
• A 15 hours Continuous Professional Development (CPD)
certificate of attendance;
• Free attendance to the Gala Dinner;
• Delegates will be provided with meal coupons which will
be used for breakfast, lunch and dinner during the
conference period. Extra coupons will be available for
sale during registration. We kindly ask participants to
take care of meal coupons as there will be no
replacements in case of loss.
NOTE: All crossed cheques should be made payable to the
Institute of Internal Auditors
REGISTRATION Registration is confirmed on receipt of
payment. Please call to confirm space
availability. All cancellations must be
submitted in writing. No refunds will be
made on cancellations received within less
than 7 working days of the conference or
for participants who registered but do not
attend the conference. However, a refund
less 35% administrative charges will be
refunded 7 or more working days before the
conference. There is no charge for
substitutions, however, written notification
must be provided to IIA Secretariat.
ACCOMMODATION
Participants have the options of paying full
board of paying for the conference only.
Those choosing to pay full board will have
the option of choosing whether they would
like to stay at Sunbird Nkopola Lodge or Sun
‘n’ Sand Holiday Resort. Participants have
the option of bringing a spouse and
children to the conference for an extra fee.
SPORTS & LEISURE
Sports activities and leisure include
swimming, BAWO, beach football and
volleyball, which will be free of charge.
Other activities such as Boat Cruises will be
available for a fee. Please contact IIA
Secretariat for more information.
DRESS CODE
Participants are advised to note that smart
casual will be the dress code throughout
the Conference period, except during the
Gala Dinner, when the dress code will be
formal.
Financial Education Article
SINGLE AND STARTING OUT. WHERE DO WE GO WRONG?
Whilst each of us is different, with our own colours, races, tribes, faces, tongues, educational
backgrounds, needs and circumstances as the nations have created, there are certain life stages
and “watershed” events that are common to most of us in one form or another. Financial literacy
runs over all the differences. This article is about financial management amidst many
irresistible social demands.
Research has proved that poor financial planning habits are at the root of poor money
management. Many Malawians know what to do, they have basic knowledge and motivation
of what they actually want; but they just end up not doing it. Why? Interestingly, every time
during crossover gatherings on 31st December, the night that takes us over to 1st of each New
Year, most people identify nice goals to be achieved by end of the coming year. Nevertheless,
nine months down the line, many people are either off the goals or very behind their goals.
Sometimes they even forget those goals completely.
At this life stage, one may still be studying, or has just started his or her first job, and needs to
consider ones financial needs as an independent adult. Here, the person does not have much in
the way of responsibility – no dependents and few financial commitments. Now let’s consider
the following points:
Consider having a financial plan. In general usage, a financial plan is a comprehensive
evaluation of an individual’s current pay or earnings and future financial state by using current
known variables to predict future income, asset values and withdrawals plans. It is vital to keep
track of and record all one’s financial incomes each month so that you know how much you
earn. Understand how much you owe others because your current wealth status means the
money and assets you have minus the money and assets you owe others. Comprehend how
much you spend by keeping track of and recording all financial expenditures so that you do not
spend more than what you earn. Any person who spends more money than what he or she earns
is on the “high-way” to poverty.
Consider paying off your loans. The focus here is not on whether loans are good or not.
Whether you decide to pay the loans promptly or systematically, what is important is that you
plan to re-pay the loans timely to avoid the interests that maybe added due to delayed payment.
Consider having an emergency savings plan. This is a stash of money set aside to cover the
financial surprises life throws your way. These unexpected events can be stressful and costly,
for example job loss, medical or dental emergency, unexpected home repairs, car troubles and
unplanned travel expenses. It is therefore, important to put aside an amount each month to
cater for life’s little emergencies. This should be done through a lower-risk investment with an
insurance company or a bank that offers you competitive interest rates and easy access to your
money for example by getting Unit trust, Tsogolo Savings plan which provides you access to
you in times of emergencies, or bank account. A little something being saved each and every
month makes a difference. It is not about non-affordability of a savings plan, it is about
compromising some of our daily habits in order to save something at the end of the day.
Consider Investing or Saving for a Goal. According to the Secret of the Leopard from Old
Mutual big five secrets of money management, the leopard never lets its prey out of its sight,
patiently planning and moving towards its goal, never backing off or giving up. Here the lesson
is that we need to have SMART goals. As a young person it is of great significance to note
that a lot of things are awaiting you on your way for example need to buy households items,
buy a car, buy or build a house, further studies, hold a good wedding, start a business among
others. Thus, early savings will help to attain the goals easily. It is however important to ensure
that your savings are in a secured method that will allow your money to grow for example
taking a policy with Insurance Company allows your money to enjoy the compound interests.
Consider having Life insurance Policy. Most people think that one does not need life
insurance policy at this life stage because he still has many years to live. As much as he is still
young, remember there are too things in life: either you live longer or you die early. In either
situation, what will happen to your bereaved relations if you do not prepare for your death?
Life policy provides you with “peace of mind” – meaning you work at peace knowing that your
life is covered even if you are involved in an accident. You get the whole amount of money
agreed in the contract, tax free and no any other charges attached but rather the whole lump
sum amount. Old Mutual Timba Family plan and Timba plus are the best examples of such
arrangement. Life insurance policy is different from a medical scheme where you are covered
for your medical bills, though it is also necessary at this stage.
Consider having retirement plan. While retirement may seem like the distant future to you,
it is never too early or too late to start. Whether you are joining a staff pension plan which is
mandatory or are self-employed, an early start with a pension administrator (Insurance
Company) that will grow your money could mean the difference between being able to retire
and having to work in your old age. Aspire never to be like those aged people who keep on
working even after reaching their retirement mandatary age due to poor retirement planning,
those who ask the employer to put them on month to month contract, those whom after
retirement there is nothing to show for, but just words they borrowed from the colonial regimes.
No matter what life stage you are or financial needs you have, you need good habits of money
management for your success. For more details visit www.oldmutual.co.mw and for feedbacks
email [email protected]
2018 Financial Education Article One Benard Chiluzi FEF
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