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President's Message

September 2015 - IA’s Mission Statement
"To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight." This is the new mission statement that has been added to the new IPPF 2015 dated 29 July 2015. It aptly defines the core purposes of an internal auditing function and the context within which the strategies of internal audit (IA) should be formulated to remain relevant and effectively meet the expectations of its stakeholders. The enhanced IPPT also includes 10 over-arching core principles that form part of the mandatory guidance framework.  Other than the core principles of integrity, competence and independence, the other core principles are that IA needs to be insightful, proactive and future-focused and be aligned with the strategies, objectives and risks of the organization. IA should also promote organizational improvement. 
 
In an increasingly complex, fast-paced and volatile environment, organizations need to review both their long and short term business strategies and objectives to effectively anticipate and proactively manage risks in order to survive and achieve sustainable long term growth and success.  Regulators and other stakeholders have also stepped up their expectations on management’s and Board of Director’s responsibilities on corporate governance, internal control and risk management.  IA’s focus must therefore be aligned with the business strategies and objectives. Also, by virtue of the knowledge that is acquired by IA in the business, processes and systems of an organization and the interaction that IA has at all staff and management levels, IA is well-positioned to be an advisor to management in areas such as business process improvements or as an alert mechanism to “blind spots” in risk management. 
 
The role of IA is very well encapsulated in the Mission Statement and 10 core principles of the enhanced IPPF 2015.  This is a significant step forward in elevating IA’s position as a valued resource and business partner.  As IA practitioners, we should all be prepared to review our strategy and approach and build up the resources and core competencies to strive toward this mission. 
 
Yours Sincerely
Tan Boon Yen
President
August 2015 - Reaching out to the students
SMU introduced the Internal Audit (IA) elective in 2013. There are altogether four successful runs and it is a collaborative effort between SMU and IIAS. This is a unique programme which draws in IA industry practitioners to share their expertise, experiences and ideas with the students.Throughout the 4 runs of IA Electives, we have esteemed Heads of IA from various industries, ranging from banking, hospitality, food, professional service providers participating in this programme. Furthermore, Panel Discussions made of these Heads of IA were also held to allow the students the chance to hear and discuss what are the thinking of IA thought leaders on future of IA. It ends with a case study and presentation where the teams of students would be given an opportunity to demonstrate and apply what they have learned through out the course and compete for the top awards before a panel of judges. This programme equips and  provides them the essentials of IA and to prepare them to to be market ready and job ready when they graduate. 
 
Come this August 2015 which will be our 5th run of IA elective. It has been selected to be part of SMU X project. This new approach is market driven and an initiative by SMU starting this new academic year to have their lessons centered on solving real-world problems through projects with mentors guiding them. Thus, the SMU X IA Elective has now been redesigned to focus on the problem solving aspects of the students in IA issues and challenges in various industry sectors. 
 
It has been an exciting 2 years for IIAS and we have received numerous letters from students expressing their appreciation of the IA Elective. . Some of the students have also chosen to start their careers in internal audit as they graduated from SMU. 
 
As Singapore envisions itself to be transformed into a leading global Accountancy Hub, the SMU IA elective is a strategic step towards building awareness and interest amongst the students in pursuing internal audit as a career profession.  
 
Yours Sincerely
Eric Lim
President
July 2015 - Good corporate governance requires courageous Internal Auditors
In his June Blogpost, Richard Chambers, The IIA’s President and CEO, highlighted lessons IA could glean from the current scandal associated with FIFA, soccer’s global governing body.  In addition to establishing that IA must act swiftly in addressing reputational risks, play a significant role in crisis planning and execution as well as stay current with anti-corruption legislation, he emphasized the need for IA to be courageous and to be able to raise the “yellow card” when corporate culture creates susceptibility to corruption.
IA’s primary role and function in any organisation should, further to the technical competencies and know-how, possess the courage to present an honest analysis of the organisation’s corporate culture and practices, regardless of the consequences he/she may have to manage. Without this, a message of failure emerges, signalling a “compromise” of our ethical culture. When confronted with evidence supporting irregularities and unethical behaviour, IAs should be courageous to report them.  In fact, IA's code embraces integrity to work toward protecting an organisation’s interests. An organisation’s reputation has always been high on Internal Auditors’ list of priorities as fraud and corruption can run rife in any organisation, regardless of size, scale, reach or industry and especially when governance is weak. Furthermore, keeping watch for the Board has never been more important, in order to support any organisation responsibly. 
 
Yours Sincerely
Eric Lim
President
June 2015 - Why internal audit is integral to an organisation’s success

Adopting good governance, risk management and control practices are key to a company's success and internal audit has an integral role in keeping watch, evaluating that the procedures to these processes are observed and effective. Why? With the issuance of the Code of Corporate Governance in Singapore in 2001, followed by two revisions in 2005 and 2012 respectively, there is a continual emphasis under Principle 13 for internal auditors to carry out their function according to the standards set by national or internationally recognised professional bodies, including the Standards for the Professional Practice of Internal Auditing, IIA. The IIA Standards cover the evaluation of the effectiveness of governance, risk management and control processes. With reference to this, internal auditors should therefore ensure to the best of their capability, that organisations are able to meet this standard, when performing their audit work. This takes on an increased importance when section 4 on internal audit in the revised Guidebook for Audit Committees in Singapore repeatedly reinforces the Code Guideline, especially reflecting the Standards for the Professional Practice of Internal Auditing set by IIA.

Yours Sincerely
Eric Lim
President

May 2015 - May is International Internal Audit Awareness Month
Similar to how February is deemed Hollywood’s most important month because it’s when Oscars are presented to the most deserving of films, May is when IIA Singapore champions our most prized asset: You – our Internal Audit practitioner! This May, IIA Singapore will spare no effort in further championing the profession, from educating youth in considering a rewarding career in Internal Audit to charting lucrative career advancements for current practitioners as part of International Internal Audit Awareness Month.
 
Join us for a lunch and learn session on 15 May where IIA Singapore with KPMG will present the Audit Committee’s Challenges and The Changing Role of Internal Audit. If you’re an IIA member currently serving or considering to serve on the board or audit committees of a charity / non-profit organisation, sign up for the complimentary networking lunchtime talk on Balancing the Governance Triangle, hosted by Shared Services Charities (SSC), an event which IIA Singapore is proud to support. This month also earmarks the inaugural Asia Internal Audit Leadership Programme, an effort which IIA Singapore is proud to be a part of, together with esteemed partners, the Singapore Accountancy Commission (SAC) and TMS Academy.
 
Through efforts in advocacy, education and membership, you can now obtain a wealth of information in internal auditing at iia.org.sg. Find out how you can enjoy our events, sign up for our training programmes and obtain various certifications to embark upon or advance your career in internal audit now!
 
Yours Sincerely
Eric Lim
President

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