Global Trends in Internal Audit - A Way Ahead

24/05/2023 | Completed Event

An online session was organized to commemorate the Internal Audit Awareness Month. The programme done in association with ASA & Associates LLP discussed the Global Trends in Internal Audit. Dr. S. C. Paandey IAAS (Retd), President, Institute of Public Auditors of India was the keynote speaker. Speakers from ASA & Associates LLP - Mr. D. Ramprasad, Practice Head - Bengaluru & Partner Assurance and Mr. Madhusudhan A.K., Executive Partner - Risk Advisory spoke on the subject. Dr. Pandey in his keynote touched upon how the risk profile is rising. He attributed this to the increased spread of technology and high attrition in companies. The expectations of the stakeholders are also evolving demanding innovation and agility in the profession. Constant update of knowledge and skills are also required in this VUCA (Volatile, Uncertain, Complex and Ambiguous) world. He stressed that reputational loss could have a huge impact as well. Internal audit helps to identify and rectify potential risks in an organisation. However, the mandate restrictions that some organisations keep on Internal audits is a pressing issue as this might pose a threat in the future. Mr. Ramprasad and Mr. Madhusudhan presented in detail about the new expectations of the internal auditor, change in approach, new tools to be used, continuous control monitoring, need to identify possible frauds and the change brought about by pandemic. With the changing roles and expectations, the auditor is expected to participate in new initiatives and projects starting from the very beginning. Specialists are now required in the profession as it is no longer only associated with finance. Cybersecurity experts, technical auditors, quality control specialists, health and safety professionals, ESG, business process re-engineering, and taxation experts are some of the existing specializations. Mr. Vivek George, World Trade Center delivered the welcome address and Mr. Sandeep Raj, Coordinator, WTC Kochi gave the closing remarks.