The relevance and effectiveness of current internal audit (IA) practices face tremendous challenges due to changes in today’s business environment and governance expectations from stakeholders such as boards, management and regulators.
The Singapore Accountancy Commission, together with The Institute of Internal Auditors Singapore and RSM, hosted a roundtable to discuss and provide insights into the practice of IA on what works and what should change – Reinventing IA. This roundtable was moderated by Mr Tay Woon Teck (Managing Director, Risk Advisory, RSM) and supported by the Community of IA Leaders.
Participants well-versed in the practice of IA across various industries and sectors, both public and private, engaged in a deep discussion on how IA should evolve and change in moving with the times. The key points of the roundtable are summarized in this whitepaper that recommends the ways in which IA should develop going forward.
- What is Internal Audit?
- Focus on outcome and not how - A Change of Mindset
- Reinventing IA through aligning Three Lines of Defense
- Communicate, Communicate, Communicate
- Embrace Technology
- Next Steps