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Maximising the Value of Internal Audit

On 29 June 2022, more than 25 participants attended the SID AC Chapter Pit-Stop session. Organised in collaboration with the Singapore Institute of Directors, the virtual presentation on “Maximising the Value of Internal Audit” was presented by our two Governors, Stephen Ching, Group Head, Internal Audit, ST Engineering and David Toh, Governance, Risk & Compliance and Internal Audit Practice Leader, PwC Singapore. The speakers provided more insights and perspectives on how Audit Committees (AC) can enhance the effectiveness of internal audit by realigning their expectations from the internal audit on key critical areas. Topics covered included the IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) and Core Principles, upskilling, and internal audit’s role in culture, ESG, health and safety, cyber security, digital adoption, third party and supplier management and fraud investigations.

With the number and nature of risks expanding, AC’s risk oversight role is becoming more important than ever. Internal audit functions must continuously aspire to exceed the expectations of the AC at every occasion. Only by winning AC’s confidence can internal audit functions realise their potential.