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President's Message

March 2018 - Combating Corruption Risks

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February 2018 - Culture Matters

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January 2018 - Delivering Value to our Members

I would like to wish everyone a Happy New Year and look forward to another fulfilling year ahead.  IIA Singapore (IIAS) is privileged to have the strong support of our members and dedicated professionals as we forge ahead in our pursuit of excellence for the internal audit (IA) profession.

The future offers exciting opportunities for the IA profession. 2017 ended on a positive note with IIAS taking progressive steps to better position our members and raise the profile of IA. In the Committee on the Future Economy’s report, IA has been identified as a high growth practice area in the region. We are making progress towards achieving the goals set out in our 4-year Strategic Plan 2016 to 2020. IIAS is committed to delivering value to our members through expanded training and professional development programmes and advocacy efforts.

With the Strategic Plan that is positioned for growth, the Institute aims to operate on a sustainable financial model to realise its strategic priorities. Our current membership fee is one of the lowest among the accountancy bodies in Singapore. Being a significant component of the Institute’s revenue streams, a fee increase is necessary to cover operating costs and support the expanded initiatives.  Hence, it was announced to members at our 41st AGM in August 2017 that the Institute has to effect a membership fee increase effective 1 June 2018 as a necessary financial sustainability measure. You will receive details of the fee revision along with new CPE requirements and how members can utilise the S$200 worth of training vouchers by end January 2018.

IIAS stays focused on the growth plans and transformation paths in 2018 to pursue our vision for IA professionals to be recognised as indispensable for effective governance, risk management and control.

Tan Boon Yen, CIA, CRMA
President
The Institute of Internal Auditors Singapore 

 

December 2017 - Looking Ahead to 2018
As the year draws to a close, I would like to take the opportunity to share my thoughts on some of the key priorities in 2018 that should be on the Chief Audit Executive’s (CAE) radar. 
 
Data and Technology
Data and technology will continue to disrupt and transform organisations. Technology is evolving rapidly with cloud computing, internet of things, artificial intelligence and robotics.  CAEs need to incorporate technology into their assurance and advisory roles to keep up with the evolving risks, strategies and needs of their organisations. 
 
Cybersecurity
2017 was a year dominated by data breaches and cybersecurity threats.  Cyber risk management will continue to be a strategic priority and CAEs need to recognise the importance of cyber resilience.    
In Singapore, the new Cybersecurity Bill that takes effect in 2018 will empower the relevant authorities to manage cyber incidents and ensure that organisations with critical information infrastructures will responsibly manage cybersecurity risks. 
 
Geopolitical Risks
Brexit, US President Trump’s government policy, China’s rise as a global power and North Korea’s nuclear threats can pose significant threats to businesses. Internal Audit (IA) needs to support the Board in their risk governance responsibilities and review of the effectiveness of enterprise risk management.
 
Organisational Culture
Organisational culture and tone at the top can make or break organisations.  CAEs must continue to keep this on the radar as major corporate failures have been attributed to fraud, ethical and conduct issues, and misplaced corporate values.  IA plays a vital role as the trusted advisor of the Board to provide an independent and objective assessment on governance, risk management and internal controls.
 
In closing, I would like to extend my best wishes to our members and partners and look forward to another exciting year ahead.
 
Merry Christmas and Happy New Year!
 
Tan Boon Yen, CIA, CRMA
President
The Institute of Internal Auditors Singapore 

 

November 2017 - Internal Audit in the Era of Disruption
Businesses today are operating in an increasing complex environment, characterised by unprecedented geopolitical and economic uncertainties, the emergence of disruptive technologies, and changing customer expectations and behaviours. 
What is internal audit’s (IA) role in this era of business disruption? 
 
Let us look at the 2015 IIA Global’s Internal Audit Common Body of Knowledge® Stakeholder Study. 64% of stakeholders indicated they want IA to be more active in strategic risks. 73% of respondents specified IA should consult on business processes while 71% said IA can facilitate and monitor effectiveness of risk management. The findings reinforced the positioning of IA and the opportunities presented to the IA function to be trusted strategic business advisors in addition to its assurance roles.  
 
In the age of disruption, the Boards are looking to IA to provide assurance and insights as businesses operate in a more challenging environment that requires them to re-assess their business model and operations in order to pursue new business opportunities.  IA needs to be forward thinking and agile to proactively value add in helping businesses and organisations to effectively manoeuvre the changing environment. For example, if the organisation is changing its business model or implementing new systems, IA is well positioned to provide insights on risk, governance and control issues before processes are fully developed.  IA functions also need to re-assess its audit priorities so that they are focused on the Board’s key concerns and are aligned with the key strategic and business objectives.
 
The future offers exciting opportunities for the IA profession. IIA Singapore supported by our global platform, remains committed to supporting the IA profession’s transformation journey that is evolving from an assurance role to one that is strategy and business risks focused.
 
Tan Boon Yen, CIA, CRMA
President
The Institute of Internal Auditors Singapore 

 

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Lessons from the Singhealth Cyberattack
 
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