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Sustainability Insights: Navigating Standards And Regulations

The recent seminar, "Sustainability Insights: Navigating Standards and Regulations," held on 19 March 2024, in collaboration with the Accountant-General's Department, proved to be a resounding success, bringing together the public sector internal audit community for a session brimming with enlightening discussions on sustainability. With over 150 attendees, including members from the IIA Singapore Board and subcommittees, the event marked a significant gathering of professionals committed in advancing sustainability practices.

The event commenced with a welcome address by Ow Fook Chuen, Accountant-General from the Accountant-General's Department, followed by an opening address by Stephen Ching, President of IIA Singapore. Stephen outlined the evolving landscape of the public sector, emphasising the unique challenges faced by internal auditors in ensuring the effectiveness of controls, identifying risks, and making recommendations to mitigate them. He highlighted the indispensable role of continuous skill development, particularly in light of advancing digitisation and automation trends.

Brian Ho, Reporting Advisory Committee Member and Partner, Sustainability and Climate Assurance Leader at Deloitte, delivered a presentation on "Introduction to sustainability concepts". His presentation covered various facets, including an overview of the sustainability landscape, evolution of global standards and initiatives for sustainability accountability, and insights into Singapore's Green Plan 2030. Following Brian’s presentation, Sammie Leung, Asia Pacific Regional ESG Services Partner at PwC, took the stage to explore "Understanding Sustainability Reporting and the Role of Internal Audit in Sustainability Reporting". Her presentation elucidated the significance of sustainability assurance, providing examples of successful implementation by organisations. Key learning points emphasised the importance of accuracy, understandability, neutrality, relevance, and completeness in sustainability reporting, along with addressing stakeholders' expectations and demonstrating non-financial impacts and stakeholder value creation.

A panel discussion on "Understanding Sustainability Reporting and the Role of Internal Audit in Sustainability Reporting" featuring Stephen, Sammie, and Nicodemus Tan, Secretary of the Board of Governors at IIA Singapore, provided attendees with valuable insights and practical experiences. Attendees lauded the speakers for their incorporation of real-world examples, with positive feedback highlighting the content's engagement and insightfulness.

The seminar concluded with a networking lunch, providing attendees with the opportunity to further discuss key takeaways and foster connections within the public sector internal audit community.

In an era where sustainability shapes the global agenda, the significance of a seminar like this, which promotes learning and collaboration, cannot be overstated. As organisations place greater emphasis on sustainability in their operations, the demand for robust reporting and assurance mechanisms has surged. Looking ahead, we look forward to more of such collaborations, fostering knowledge exchange to meet the evolving challenges of sustainability.