Enhancing Audit Quality in Malawi: A Successful 2-Day Training at Mount Soche Hotel
30th October, 2024
The Institute of Chartered Accountants in Malawi (ICAM) and the Malawi Accountants Board (MAB) proudly hosted a comprehensive 2-day Audit Quality Training from October 28 to 29, 2024, at Mount Soche Hotel, Blantyre. This landmark training brought together various professionals from the audit, financial consulting, and accountancy sectors, highlighting a shared commitment to elevating audit standards and quality in Malawi.
Attendees of the 2-day Audit Quality Training
The training, led by esteemed trainer Gavin Huber, an IFRS, ISA, and IPSAS facilitator and course developer from South Africa, marked a significant milestone in the continuous professional development of Malawian auditors.
ICAM CEO- CA. Noel Zigowa
In his welcoming remarks, ICAM CEO, CA. Noel Zigowa, extended a warm greeting to attendees and emphasized the crucial role of audit quality in both public and private sectors. He remarked on the importance of audit assurance in enhancing transparency, providing professional financial guidance, and supporting organizations in their operational and financial reporting practices.
Zigowa underscored the value of active engagement throughout the training and expressed gratitude to MAB for their collaboration in organizing this essential event. Before concluding, he introduced the Acting CEO of the Malawi Accountants Board, CA. Ulemu Fiwa.
MAB ACEO- CA. Ulemu Fiwa
In her opening speech, CA. Fiwa addressed the critical need for enhanced audit quality in Malawi, emphasizing that the audit, assurance, and advisory sectors must uphold rigorous professional standards to ensure both local relevance and global competitiveness.
As a regulatory authority, MAB remains committed to supporting high-quality audit practices, which are integral to sustainable business practices and ethical financial guidance. She highlighted the significance of continuous learning and professional development for audit practitioners, as they navigate a dynamic landscape shaped by evolving international and local standards. CA. Fiwa closed by thanking Gavin Huber for his presence and dedication to guiding Malawian professionals in achieving the highest standards in audit quality.
Gavin Huber, an IFRS, ISA, and IPSAS facilitator & course developer
The training commenced with a session led by Gavin Huber, who welcomed the attendees and engaged them in a thought-provoking discussion on “Audit Quality.”
He began by evaluating participants’ understanding of “audit quality” and then introduced the concept of “Audit Quality Control” as an integral part of “Quality Management.” Huber emphasized the significant shift from traditional “compliance-based quality control” to a more advanced quality management approach with the introduction of International Standards on Quality Management (ISQM) 1 and 2, along with ISA 220 (Revised). This approach is characterized by three pillars:
- Proactivity:
- Risk-Focused Quality Management:
- Continuous Improvement:
Throughout the two days, Huber delivered in-depth presentations on topics critical to high-quality audits. These included comparing review processes for various types of engagements, understanding different engagement types, implementing a system of quality management, audit planning, audit documentation, gathering audit evidence, and finalizing audits. Each session offered practical insights and case studies, enabling participants to relate theory to real-world applications.
A highlight of the training was Huber’s analysis of the new System of Quality Management (SoQM), designed to support practitioners in meeting international quality management standards and ISA 220 (Revised). He emphasized that high-quality audits reinforce investor confidence, enhance corporate governance, and drive transparency and accountability in financial reporting—all of which are foundational to a thriving economy.
The training concluded with a closing address by CA. Maggie Kasambara, Council Member for the Practitioners Committee, who expressed gratitude on behalf of the Council for the enthusiastic turnout. She acknowledged the dedication of partners, managing partners, and audit firm representatives who attended and actively engaged in the sessions. She also acknowledged the presence of other accountancy professionals at the training. CA. Kasambara noted that the active involvement of these key industry players is a positive step towards building a robust audit, advisory, and assurance sector that serves Malawians and their institutions with integrity and excellence.
The Audit Quality Training underscored ICAM and MAB’s shared vision of a forward-looking audit industry committed to quality and integrity. With the valuable insights gained from Gavin Huber’s expertise, Malawian auditors and consultants are better equipped to uphold global standards, meeting the expectations of clients, investors, and stakeholders in an increasingly complex financial landscape. As these professionals apply their newly acquired knowledge, they contribute to strengthening Malawi’s economic foundation through reliable, high-quality audits.
By Editor-In- Chief