The Malta Financial Services Authority (MFSA), in collaboration with the Institute of Internal Auditors - Malta Chapter (IIA Malta), will host a dedicated Internal Audit Conference on 12 February, aimed at highlighting the vital role of the internal audit profession, particularly within licensed entities. The conference responds to the growing importance of sound governance and effective internal controls, bringing together professionals and stakeholders to discuss regulatory expectations, challenges, and emerging trends shaping the field.

Speaking ahead of the event, Andrew Said, Head of Internal Audit at the MFSA, explained that the conference is being organised jointly with IIA Malta as part of a broader initiative launched last year to promote the role of internal audit within organisations, especially across the financial services sector. "Together with IIA Malta, we seek to elevate the standing and effectiveness of internal auditors in strengthening governance, reinforcing the third line of defence, and supporting organisational resilience," he said.

Said stressed that a key objective of the conference is to reshape perceptions of the profession. "Importantly, the conference aims to reposition internal audit not as a traditional policing function, but as a trusted and value-adding partner to the organisation," he noted.

At the core of the internal audit function, Said explained, is the provision of independent assurance. "Internal audit plays several critical roles, but at its core, it provides independent assurance on how activities are being conducted and whether internal controls are operating effectively," he said, adding that internal auditors also offer "practical recommendations to help organisations improve processes, strengthen controls, and manage risk more effectively."

This proactive approach is often misunderstood, he observed. "Traditionally, internal audit has often been perceived as a policing function because it examines how work is carried out. In reality, it draws on a deep understanding of governance and risk to identify weaknesses early, enabling both individuals and organisations to operate more effectively and reduce exposure to risk."

From his experience, one of the most common shortcomings within organisations is risk prioritisation. "A recurring challenge is the effective identification and prioritisation of risk," Said explained. He noted that internal audit functions conduct periodic risk assessments to determine where the most significant risks lie and how best to deploy limited resources, often focusing on areas such as cybersecurity, governance, and third-party risk management.

He also emphasised the breadth of the internal audit remit, which extends well beyond financial reporting. "Internal auditors assess controls across a wide range of areas, including technology, human resources, financial management, third-party management, and various other processes across the organisation," Said said. He added that the role "continues to evolve in response to new regulations and emerging trends, particularly the increasing use of artificial intelligence."

The full-day conference will feature a strong line-up of speakers. "We are very pleased to welcome Banafsheh Geretzki from the ECB, who will deliver a keynote address outlining the ECB's supervisory perspective," Said said, adding that Sandra Boeri, Board Member of the European Confederation of Institutes of Internal Auditing (ECIIA) and Immediate Past President of the Chartered IIA UK & Ireland, will also deliver a keynote address.

Additional contributions will be made by MFSA Chief Executive Officer Kenneth Farrugia, Professor Christopher Buttigieg, Chief Officer Supervision at the MFSA, as well as IIA Malta Chapter Committee members and senior representatives from leading banks and professional services firms. "By bringing together such a distinguished group of speakers, we aim to highlight the strategic value of internal audit across the financial services sector," Said said.

Ultimately, Said underlined that the conference's overarching goal is to strengthen the profession as a whole. "Our main objective is to strengthen and promote the internal audit community and the profession in its entirety," he concluded. "We want internal auditors to be recognised as essential partners and trusted advisers who support organisations in achieving their objectives and managing risk effectively."

Registration is required to participate in the conference. You can register here .