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Auditing and Disrupting Technologies Impact on Internal Audit

Collaborating with the Singapore Institute of Directors (SID), we invited Norman Marks (Author, Speaker, Thought Leader and Retired Chief Audit Executive) to give a talk on “Auditing and Disrupting Technologies Impact on Internal Audit” at its AC Pitstop on 25 April 2019.  Attended by 25 people including SID’s AC Chapter members, our Governor Mr Jonathan Ho and Technical and Technology Committee member Mr Vincent Cheong, Mr Marks led a discussion on the appropriate role for internal audit when it comes to providing assurance, advice, and insight on how management addresses both the opportunities and risks presented by tools such as machine learning and blockchain.

New technologies are appearing at an amazing pace and each has the potential for disrupting any organisation. Management needs to be able to take advantage where appropriate and the board needs assurance that this is done both effectively and prudently. If competitors are able to leverage technology faster and with better results, that can have a significant negative effect. But new risks are introduced with new tools and they have to be anticipated and addressed.

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