IIA MALAYSIA URGES INTERNAL AUDITORS TO EMBRACE THE TECHNOLOGY DISRUPTIVE WAVE

At the 2017 National Conference which was held at Kuala Lumpur Convention Centre, Institute of Internal Auditors Malaysia (IIA Malaysia), the leading body for the internal audit profession in the country, has urged internal auditors to be more competent and responsive in their analytical skills and audit methodology to keep pace with the ever-changing business landscape.

Themed “Internal Audit: Poised For The Future”, the two-day conference highlighted the expanding role of internal auditors in identifying and communicating risks as well as to upskill themselves in order to manage threats in the evolving business environment.

In his welcome address, Hazimi Kassim, the President of IIA Malaysia, said, “We urge internal auditors to adapt and focus in continuous learning so that the function of internal audit will stay relevant in the rapidly changing landscape in the business environment. As such, we need to use organisation’s business strategy to identify risks that matter the most and set the tone for dynamic internal audit strategy that adds value to the organisations.”

Hazimi Kassim, President of The Institute of Internal Auditors Malaysia (IIAM), delivering his opening address at the start of National Conference 2017 themed “Internal Audit: Poised For The Future”

“With technology reinventing business practices every day, there is an urgent need to address the increasing skills gap in the internal audit profession and preparing them for the tech-driven business environment. Massive strides in technological advancements now lead us to Artificial Intelligence(AI) and cryptocurrency(Bitcoin), how else will the internal audit function stay relevant, progressive and competitive?” continued Hazimi.

He added that, “To stay relevant and value adding or protecting, internal auditors of today and tomorrow need to be tech-savvy and analytical to manage big data as well as technological “curveballs”, hence, increasing the probability of providing high-value insight to the organisation and clients Internal auditors now need to equip themselves with the knowledge and new skills, like business acumen, ability to connect the dots, emotional intelligence, data analytics, relationship management, communication skills, and so much more, to audit in this new reality.”

During the National Conference, IIA Malaysia launched the updated Guidance for an Effective Internal Audit Function (GIAF) with the aim to provide a clear and standardised direction for the Audit Committees and Boards of public listed companies and other corporations in Malaysia which aspire to embrace professional internal auditing practices within their organisations which seek to make assurance on governance as an oversight priority.

“As technology is woven strategically into every aspect of the competitive global business environment, it has opened new opportunities to drive business, as well as the emergence of risks. As such, we believe that the updated GIAF will set the stage for heightened knowledge on internal audit practices, hence, educate Audit Committees and Boards, and facilitate the improvement of oversight of internal audit functions,” commented Hazimi.

Held on the 9-10 October, the National Conference was officiated by YBhg. Tan Sri Dr Madinah Mohamad, Auditor General of the National Audit Department, witnessed by over 1000 participants from private and public sector organisations throughout Malaysia.

The conference featured several respected speakers such as YBhg Tan Sri Dr Madinah Mohamad, Auditor General of Malaysia; Lawrence J. Harrington, Past Chairman of the Board, IIA Global; Naohiro Mouri, Senior Vice Chairman of the Board, IIA Global; Dr. Veerinderjeet Singh; Group Executive Chairman of Axcelasia Inc.; Kishan Jasani, Partner, Grant Thornton and many others who shared their insights in preparing internal auditors to face the challenges ahead.

With a line-up of prominent speakers from across the globe, conference delegates could benefit from in depth insights and challenges in this evolving business environment, as well as other interesting topics concerning the profession and industry.

The conference was organised by IIA Malaysia and the key sponsors are TeamMate Asia Pacific (Platinum), ACL Services and Tenaga Nasional (Gold), PETRONAS and Telekom Malaysia (Silver), BDO, CaseWare, Deloitte, Ernst & Young, KPMG, PwC and UMW (Bronze), AIMST University (Conference App).

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About IIA Malaysia

The Institute of Internal Auditors Malaysia (IIA Malaysia) is a non-profit professional organisation dedicated to the advancement and development of the Internal Audit profession in Malaysia. Established in 1977, IIA Malaysia provides leadership, professional certification and executive development for Internal Audit practitioners and currently, serves over 3,000 members throughout Malaysia.

For more information about the conference, please visit the IIA Malaysia website at www.iiam.com.my