Job opportunities in the field of internal auditing have been on a steady increase, said finance parliamentary secretary Tonio Fenech (photo).

Delivering the opening speech at the first Internal Audit Forum held at the Corinthia Palace Hotel in Attard yesterday, Mr Fenech said the recent amendments to the code of principles of good corporate governance have driven public limited companies to set up internal audit departments.

The forum was intended to serve as a launching pad for the sharing of knowledge and experiences between practitioners in Malta.

Mr Fenech said that at first internal auditing focused on an independent review of compliance in an organisation, compliance with procedures, standards, regulations and laws.

As the skills and knowledge of internal auditors grew, management saw opportunities to use internal auditors to add value to the achievement of its objectives for efficiency, effectiveness and economy.

Professional internal auditing surely adds value in the risk management, control and governance processes, he said.

Over the years the government invested heavily in the Internal Audit Directorate, mainly by employing fully qualified accountants and auditors who further specialised in internal audit aspects, said Mr Fenech.

Financial control and internal auditing are high on the government’s agenda and this is evidenced through the importance attached to the Public Internal Financial Control Division, which today has a total complement of 26 and which also incorporates the Financial Management and Monitoring Unit.