27 April 2017

IIA tackles internal audit challenges in a digital age

The fifth annual Public Sector Internal Audit (PSIA) Conference in Singapore, themed Rising to the Challenges of the Future, focused on change and transformation of the economy.

According to the Institute of Internal Auditors (IIA), which organised the PSIA, organisations are now facing more challenges in the world of digitisation, cybercrime and technological disruptions. Internal audit therefore becomes more crucial for the enhancement of good public or private sector governance.

To be effective in providing independent assurance, internal auditors therefore need to innovate and equip themselves with new capabilities. This is to keep pace with the changes in the external and internal environments and be able to respond to the new challenges.

Tan Boon Yen, President of IIA, said: “As Singapore continues to evolve to be a SMART nation, the public sector internal auditors need to rise to the challenges of technology innovations, cyber security and big data. To create value and effectively support their organisations to achieve their strategies, goals and initiatives, they need to revolutionise the way they do the audits and leverage on technology.  Stakeholders’ concerns are expected to rise beyond governance, risk and controls.”

The Committee of Future Economy (CFE) has outlined the strategies for the transformation of the internal audit profession. These entail “acquiring and utilising deep skills” and “building strong digital capabilities”. The Working Group on Legal and Accounting Services of the CFE also released its recommendations on strengthening Singapore as a global leader for both the legal and accounting services. Internal audit has been identified as a high growth area within the accounting sector.

The IIA Singapore is an organisation dedicated to the advancement and development of the internal audit profession.

posted from Bloggeroid