SINGAPORE, [21 Nov 2011] – The recent global economic slowdown has thrusted Internal Audit into a new sphere of processes. Internal Auditing is no longer just about tradtional testing of control activities and identifying problems – internal auditors today must propose solutions: formulate flexible audit plans in order to react effectively to a dynamic enviornment, correct existing inadequacies and encourage higher standards of audit methodologies and risks assessments without compromises.
To further amplify difficulties presented to internal auditors, IA professionals face escalating demands from stakeholders amidst organisational cost reductions. Fraud risk maangement is also back on the checklist for internal auditors, intensified by the advent of novel cyber-attacks. Evidently, internal auditors must re-strategise in order for firms to maintain a sustainable competitive advantage.
One key challenge of all Internal Audit functions is to optimize Internal Audit performance, says Torben Hilbertz, Head of Internal Audit at Swiss International Air Lines. “In order to best possibly respond to the current challenges in a dynamic environment, it is of key importance for an Internal Audit function to flexibly respond to the management needs/current risks as well as to ensure adequate corporate governance & compliance at all times”.
Evidently, practitioners today must arm themselves with tools, tips and tricks to adequately respond to fraud risks, guarantee corporate governance and translate IA strategies into key performance indicators. Reflecting on concerns for the IA function, Albert Yip, Head of Audit Services at Manulife commented that a general aging workforce and requirements of multiple skill sets are challenges to the IA function in both talent and knowledge management.
While these challenges appear daunting, they present opportunities for organisations. A company with a proficient and holistic internal audit function will emerge victorious in the tumultous economic environment as they transfer operational effectiveness across functions for overall organisational success.
To counter the raft of problems, a 2-day conference on “Best Practices in Internal Audit” will be held on 9 – 10 January in Singapore and 12 – 13 January in Hong Kong, during which real-world practitioners will share case-studies and insights on corporate governance, IA talent management, audit assurance and fraud detection and investigations. Attendees can adopt technical skills to better protect their organisation against new fraud techniques and strike a balance between technological advancements with traditional IA expertise.
This year’s conference aims to elucidate issues related not only to internal audit, but also to risk management and enhanced business performance. Experts sharing include the Audit & Risk directors from the Big4, Jens Kessler, Regional Head of Internal Audit at Allianz SE Insurance Management, Bruce Vincent, SVP & Head of Global Internal Audit at InterContinental Hotels Group, Penelope Lepeudry, MD – Financial Investigations, SEA at Kroll and many others.
