Mr. Fazal Hussain Gaffoor, Chief Internal Auditor of CDC, participated as speaker in the seminar on Internal Audit’s Role in Modern Corporate Governance and Business Sustainability. The event was organized by The Southern Regional committee of the Institute of Chartered Accountant of Pakistan on May 11, 2010.
Mr. Gaffoor, in the light of scandals such as Enron and World Com, apprised the audience regarding the evolving role of internal audit function in the modern day organization. He was of the view that Internal Audit, apart from its statutory audit role, is also responsible for evaluating and improving the risk management and governance processes within an organization. He also apprised the audience regarding various components of corporate governance and the role internal audit can play to ensure its effectiveness.
Mr. Gaffoor also emphasized that the concept of business sustainability is gaining importance and now only those organizations will be able to ensure long term sustainability which care for the rights of all stakeholders and not just the shareholders. He also highlighted the importance of environmental issues and how ignorance of the same can affect sustainability of operations.