30 internal audit professionals attended an evening talk on “Auditing that Matters” on 22 November 2018 presented by 7-time author, renowned practitioner and thought leader in internal audit, risk management and governance, Mr Norman Marks.
The talk centred around how an effective internal audit function can make a huge contribution to the success of an organisation. Mr Marks shared that internal audit needs to:
- Provide the assurance, advice, and insight that the leaders of the organisation need.
- Focus on the risks and issues that matter to the executive management team and the board.
- Be proactive and forward-looking, addressing the risks of today and tomorrow rather than yesterday.
- Communicate its results clearly and concisely, telling leaders what they need to know, when they need to know it, with actionable information. The audit report is not documentation nor should it say what internal auditors want to say; instead, it should communicate what stakeholders need to know to achieve success.
- Build the team and processes necessary to deliver world-class internal audit services.
Present at the talk was Ms Tan Boon Yen, President of IIA Singapore who took the opportunity to share the 10 Core Principles for the Professional Practice of Internal Auditing in her opening address, which, taken as a whole, articulate the essence of internal audit effectiveness. The 10 principles are:
- Demonstrates integrity
- Demonstrates competence and due professional care
- Is objective and free from undue influence (independent)
- Aligns with the strategies, objectives, and risks of the organisation
- Is appropriately positioned and adequately resourced
- Demonstrates quality and continuous improvement
- Communicates effectively
- Provides risk-based assurance
- Is insightful, proactive, and future-focused
- Promotes organisational improvement
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