The President of the Privatization and Corporatization Board (PCB) recently met with the Institute of Internal Auditors (IAA) Maldives to discuss elevating the internal audit profession within the SOE sector. During the meeting, the IAA highlighted critical challenges, most notably a persistent lack of awareness among some SOE management teams regarding the strategic value of the internal audit function. The IAA expressed strong support for the PCB's recent initiatives to address these gaps, including the implementation of comprehensive policies for Chief Internal Auditor appointments and removals, mandates for SOEs to conduct human resource needs analyses, and the directive to establish independent risk management functions. Furthermore, the 2026 release of detailed Audit and Risk Committee (ARC) charter models, designed to align with the Corporate Governance Code and global best practices was recognized as a vital tool to empower SOEs in their governance journey.

Beyond these regulatory milestones, the meeting served as a strategic session to coordinate collaborative initiatives for the upcoming 2026 Internal Audit Summit. Both organizations recognized the summit as a pivotal platform for further knowledge sharing and for addressing the evolving complexities within the audit landscape. By aligning their efforts, the PCB and IAA Maldives aim to foster an environment that empowers internal auditors to act as strategic partners in risk management, ensuring that audit insights are effectively utilized to drive long-term resilience and value creation across all SOEs.