that are faced by internal auditors require them to acquire the necessary skills and competencies on a continuous basis. this makes it necessary for them to place them on a learning path so that they could update themselves with new developments. as i mentioned earlier, the internal auditor should be an all - rounder. he should know all aspects of banking in order to perform an effective job as an internal auditor. in this respect, the work done by the institute of internal auditors in developing a wholesome internal auditor is laudable. in addition to providing professional qualifications, it conducts regular seminars, lectures and short - term training programmes to keep its membership continuously updated of the new developments. in the modern world where human knowledge is subject to the fastest depreciation and obsolescence, the cry by any professional should be learning, learning and learning. i hope that this seminar will fulfill that task. conclusion the functions of internal auditors have expanded substantially over the years due to the expansion of business, addition of new risk elements and adoption of advanced technology. yet, the basic character of the auditors remains the same. they should function only as extended ears, eyes and arms of the top management and owners. they may point at irregularities, but would not act as penal authorities. hence, the auditor, including the internal auditor, is still a watchdog and not a bloodhound.

enough. we need to be absolutely together for that talent to bear fruit. to contribute to the development of this country, we need to work as one. we need to have common objectives. not all of us are going to be fond of each other. that is human nature. but we need to be professional enough to put those things aside and to achieve our common objectives. and now there are a number of important things that need to be done, which we, once i ’ ve spoken to the senior management – it is only forty eight hours since i knew about this appointment which was a bit of surprise as well – so i am not as well - prepared as would like to have been before i came before you, but i certainly will be talking to the deputy governors, the senior management and eventually to the monetary board to work out what we need to do. and then maybe at that point i will speak to you again, to share with you what we have to do in, say, the next three months, next year, the next three – five years, we need to think through, because as i said, the central bank has to really set the tone, to set the framework for everything else to happen. i don ’ t want to go on for too long and i just really want to leave three thoughts with you as to what the central bank, in my view, should be imbued with, what its culture should be. one is clearly, integrity. two is technical excellence and three is professionalism. i would like those three concepts to be the guiding principles for all of us as we go forward. and if any of you think that i ’ m not living up to those principles, please find a way of getting that message to the fifteenth floor, that i personally am not living up to those three principles. because, that, in - terms of leadership, that is important. i need to be able to set an example, and i am going to do my best to do so and you have ever any shortcomings as i said, i would like to hear. i want to encourage a culture of discussion, of debate, of openness, so please help me to do that. it should never be personal if somebody has a different opinion to you. we need to put our heads together. we will have different views, we need to throw it out in the open, discuss and then eventually, find the best way forward. and you know there is