Maximising the Value of Internal Audit
In a webinar held on 11 May 2023 as part of the International Internal Audit Awareness Month celebrations, approximately 370 participants had the opportunity to gain valuable insights on "Maximising the Value of Internal Audit." The session, presented by Sanjoy Banerjee, Managing Director of Governance, Risk & Compliance and Internal Audit at PwC Singapore, shed light on various aspects of internal audit's role in today's dynamic business landscape.
During the webinar, Sanjoy highlighted several key areas that empower internal auditors and enhance their value within organisations. These areas include the empowerment of internal audit, alignment of stakeholders' expectations, upskilling, innovation, and talent injection, extension of internal audit scope, the role of internal audit in fraud investigations, and sourcing models along the sourcing continuum.
It was emphasised that internal audit plays a vital role in supporting Audit Committees (ACs) in their risk and internal control oversight responsibilities. To maximise the value proposition of internal audit, ACs need to explore the Core Principles of the Institute of Internal Auditors' (IIA) International Standards for the Professional Practice of Internal Auditing (Standards) and assess their presence and effectiveness.
The session's key takeaways and the expertise shared by Sanjoy are expected to inspire internal auditors, ACs, and stakeholders to collaborate and drive continuous improvement within their organisations. By collectively championing excellence in internal audit, we can foster robust governance, effective risk management, and sound internal control practices, leading to sustainable success.
