IAS Makes History As First Internal Auditing Consulting Firm in The Bahamas

NASSAU, BAHAMAS – Internal Audit Solutions, an affiliate of The Solutions Group, makes history as the firm becomes the first and only firm dedicated to providing Internal Auditing consulting services in The Bahamas.

The firm was founded by Nekeisha Smith and Otimia Pennerman who are both Certified Internal Auditors (CIAs) by the Global Institute of Internal Auditors (IIA), and a former and current President of the IIA Bahamas chapter respectively.

Aside from being CIAs, the duo are also both Certified Public Accountants (CPAs) and Licensed Chartered Accountants (CAs) by the Bahamas Institute of Chartered Accountants.

Nekeisha and Otimia recognized the cogent need for a firm specially dedicated to rendering effective Internal Auditing services to help clients meet stakeholders’ and regulatory expectations. 

They recently implemented (effective December 6, 2022) Internal Audit Guidelines by the Central Bank of Bahamas provide a significant regulatory framework for the practice of Internal Auditing in The Bahamas. The Guidelines provide the Central Bank’s expectations for effective Internal Audit functions in Supervised Financial Institutions (“SFIs”). The Guidelines require SFIs to implement an Internal Audit function and also require an independent review of Internal Audit functions every five years.

The Guidelines mandate adherence to the Internal Audit standards as prescribed by The Global IIA’s International Professional Practices Framework (IPPF), recognizing the definition of Internal Auditing as an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. Internal Audit helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Leveraging their robust industry experience in both Internal Auditing, External Auditing and Financial Services, Nekeisha and Otimia seek to fill the market need for a firm of specifically trained certified internal auditors, solely dedicated to Internal Auditing solutions in The Bahamas. They noted that in the course of their professional duties as professional accountants, internal and external auditors, that many people do not understand the differences between External and Internal auditing; such that they conflate the two phenomena together. External auditing in the Bahamas is focused on providing independent assurance on the financial reporting of a company, whereas Internal auditing provide independent assurance around the company’s ability to manage financial, strategic, operational, and compliance risks.

Internal Audit Solutions is committed to offering efficient and top-tier Internal Audit services to its clientele. 

The firm also assists Internal Audit departments with transformation initiatives to improve their alignment with the IPPF.  The firm believe in a risk based approach to Internal Auditing that focuses the limited Internal Audit financial, time and human resources to the risks that matter most while balancing stakeholders’ and regulatory expectations.

The Central Bank’s Guidelines recommend that Internal Audit staff of SFIs are members of the Bahamas chapter of the Global IIA and pursue an Internal Audit certification such as the Certified Internal Auditor (CIA), Certification in Risk Management Assurance (CRMA) or Certified Information Systems Auditor (CISA). 

According to Nekeisha and Otimia, there is a need for more Certified Internal Auditors to meet the demands for specifically trained qualified Internal Auditors. It is not only accountants that can foray into Internal Auditing; anyone with a Bachelors degree in any discipline take the CIA exam and pursue certification in the Internal Auditing field. A career change to Internal Auditing is a viable transition for seasoned financial services professionals with extensive banking or compliance experience looking to further develop their skillsets.

Internal Auditing Solutions is actively recruiting and looking forward to grooming, training, and empowering more Bahamians in the Internal Auditing field.

For more information please contact Nekeisha Smith at nsmith@myIAsolutions.com