RSM Malta, one of Malta’s largest mid-tier audit firms, has launched an offering to provide assistance to private and public companies and public sector entities in setting up and managing internal audit functions.

This latest addition to RSM Malta’s portfolio of services was launched at a half-day conference on Tuesday addressed by Finance Minister Tonio Fenech. Chief executives and internal audit managers from local private and listed companies and corporate services managers from public service entities attended.

More than 100 participants heard presentations from speakers including RSM Tenon UK director Richard Smith, European regional director for RSM International Robert Coles, RSM Germany partner Oliver Bungartz, Camilleri Preziosi Advocates partner Louis Degabriele, Malta Forum for Internal Auditors chairman Eugenio Privitelli, and RSM Malta’s lead partner on internal audit and risk management services Maria Micallef.

Internal audit is becoming increasingly important as a resource for line management, as a tool for board members and as a signal to policy-makers, regulators and investors that directors or governors take the management of risk, governance and internal control seriously.

The conference focused on the solutions and the added value that internal audit can provide to organisations. Ms Micallef delivered a presentation on how a risk-based internal audit function can help an organisation to create value if it manages to align its focus and efforts to the strategic plans and objectives of the organisation.

Mr Fenech said internal audit is crucial in mitigating risks, with its strength being grounded in an independent system, and the ability to inquire and seek information and explanations, understand the accountability relationships, and ensuring that audit recommendations are adopted or acted upon.

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