Audit & Risk Committee Chapter Pit-Stop: The Board's Role in Adopting the New Global Internal Audit Standards
On 6 March 2025, IIA Singapore and the Singapore Institute of Directors co-organised the Audit & Risk Committee Chapter Pit-Stop at SGX Centre, focusing on "The Board's Role in Adopting the New Global Internal Audit Standards". With the Standards taking effect in January 2025, the discussion underscored the importance of board oversight in ensuring internal audit delivers strategic value to organisations.
Michael Tang, Head of Listing Policy & Product Admission and Sustainable Development Office at SGX RegCo, opened the session and touched on the Equities Market Review Group established by the Monetary Authority of Singapore. He shared the key areas of study include streamlining the regulatory framework, improving the listing process, enhancing disclosure effectiveness, and reinforcing corporate governance standards.
Koh Chin Beng, Partner at BDO Advisory, Immediate Past President of IIA Singapore, and a member of the IIA International Internal Audit Standards Board, provided an overview of the new Global Internal Audit Standards (GIAS) and their significance. Developed through an extensive due process led by the II International Internal Audit Standards Board and overseen by the IPPF Oversight Council, the updated Standards offer a more structured framework for evaluating and elevating the quality of internal audit functions. The GIAS clarify internal audit’s role within organisations and strengthen the expectations placed on boards, particularly in establishing and protecting the independence of the internal audit function, approving the internal audit charter, and overseeing resource allocation and quality assurance. He emphasised that these measures reinforce internal audit’s position as a key enabler of governance, risk management, and business resilience.
The panel discussion, “Empowering Oversight: The Board’s Strategic Role in Driving Internal Audit Excellence”, explored how boards can actively support the adoption of the new Standards. Moderated by David Toh, Governance, Risk & Compliance and Internal Audit Leader at PwC Singapore and Vice President of IIA Singapore, the panel featured Debbie Goh, Head of Group Internal Audit at Thai Beverage PLC, Max Loh, Chairman of the Competition and Consumer Commission of Singapore, and Chin Beng. The discussion reinforced the need for boards to move beyond a compliance-driven mindset and recognise internal audit as a strategic partner in risk management. Strengthening collaboration between boards, senior management, and chief audit executives was identified as essential in improving governance and decision-making.
The Audit & Risk Committee Chapter Pit-Stop provided a timely platform to discuss the board’s critical role in embedding the new GIAS. By taking an active role in the adoption and implementation of these Standards, boards can help ensure that internal audit delivers real value, contributing to the safeguarding of organisational integrity as well as the enhancement of business sustainability and resilience.
