SMU & IIA Singapore Internal Audit Forum - Audit and the Dark Side of Business
Partnering with the Singapore Management University (SMU), IIA Singapore organised an Internal Audit Forum on 16 March on the topic, “Audit and the Dark Side of Business”. We had a great turnout with over 80 participants comprising IIA Singapore members, students from SMU and Nanyang Technological University, and industry at the SMU’s Yong Pung How School of Law.
The event kickstarted with a welcome address by IIA Singapore President Koh Chin Beng who highlighted the role of internal auditors in helping businesses identify, assess, and mitigate risks effectively. By providing objective assurance of a company's internal controls, risk management processes, and governance structures, internal auditors protect the company's assets, reputation, and the interests of its stakeholders.
This was followed by a presentation by Dr Sarjit Singh, Chair of Chartered Accountants Australia and New Zealand Singapore Overseas Regional Council and Advocacy Committee Member of IIA Singapore. The participants were presented with an array of fraud-related topics, including lessons to learn from real-world examples and case studies as well as how to spot warning signs for fraud, asset misappropriation, bribery and corruption. Dr Foo See Liang, Associate Professor (Practice) at the School of Accountancy, Singapore Management University, as the moderator led an interactive discussion that was peppered with thought-provoking questions from the participants.
Here are some of the key takeaways:
- To perform effectively, remember to be aware of the dark side of business.
- Businesses face risks and challenges that are not always apparent or easy to address.
- Be vigilant in detecting and responding to signs of unethical behaviour or fraud, even if it means confronting difficult truths or uncomfortable realities.
Dr Sarjit concluded the evening with a quiz testing the participants knowledge of the dark side of business. Three lucky winners walked with prizes.
Through the forum, the participants gained a better understanding and appreciation of the role internal audit plays as the "air traffic control tower" in maintaining trust in the transformative age.
