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President's Message

April 2015 - Why Integrity and Ethics are Inextricably Linked with Internal Audit
Between the 23rd and 29th of March, Singapore observed a period of national mourning for the late Mr Lee Kuan Yew, Singapore’s first Prime Minister, a statesman pivotal to the founding of modern Singapore and the success she has enjoyed economically in the last 50 years.
 
Local media dedicated significant amounts of airtime televising Mr Lee’s past speeches and interviews. In a clip titled: “Lee Kuan Yew - In His Own Words: Governance”, Mr Lee underscored the importance of ensuring Singapore’s success through capable and competent leadership, in a corruption-free environment. He emphasized the need for meritocracy and spoke at length about the role that audits play in ensuring accountability and transparency, allowing the government and organisations alike to stay corruption-free and focus on the betterment for the people and stakeholders they serve.
 
Internal auditing being an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. As an independent body, IA embraces the highest ethical code, to never yield to pressures to bend rules in order to achieve greater operational convenience. Integrity being one of the four principles that form IIA’s Code of Ethics; it is imperative that Internal Auditors possess a high level of trust and integrity to enable them to be strong advocates of ethical conduct and have the competence and capacity to evaluate the compliance of  ethical standards by the staff. To attain an anti- fraud and corrupt free environment to protect a company’s reputation, IA must evaluate whether an organisation’s policies and procedures support ethical operations and whether the existence of these processes mitigate any threats to the organisation’s integrity.  
 
Yours Sincerely
Eric Lim
President

 

March 2015 - IIA Singapore is first strategic partner for the COSO Academy

The Institute of Internal Auditors Singapore (IIA Singapore) is proud to be the first strategic partner of the Protiviti-SAC COSO Academy, a collaboration that was inked at the start of the Lunar New Year in February, underscoring the significant role that internal auditors play in evaluating and monitoring corporate governance and risk frameworks.

The COSO Academy offers senior management and practitioners access to insights and tools to better understand how the COSO Frameworks can work for their organisations. These Frameworks are internationallyrecognized structure, integrating both internal control and risk management and are relevant for all businesses, including government agencies and charities. Internal auditors have always been involved in evaluating the effectiveness of control systems, working with all levels within their respective organizations including management and board. Through IIA Singapore’s strategic partnership with the COSO Academy, we hope to raise awareness of the COSO Frameworks as a best practice and help the internal audit function add even greater value to organizations.

IIA Singapore’s maiden effort as a COSO Academy strategic partner is the COSO Awareness Survey, launching this month, with the purpose of measuring awareness levels and the adoption of the COSO Frameworks among organisations in Singapore. We look forward to your support and participation as your views will give us important insight into how we can better promote COSO Frameworks to the public and private sectors in Singapore. With cyber risk and fraud becoming increasingly big concerns for organisations across the globe, a reliable infrastructure to support good corporate governance has never been more important. As Internal Audit practitioners, the  journey to educating oneself thoroughly on the COSO Frameworks and how to adopt them in your organisation would be the ideal place to start.

Also, look out for more courses and workshops that the IIA Academy will be incorporating in our training calendar on COSO Frameworks in the coming months!

Yours Sincerely
Eric Lim
President

February 2015 - Continuous Professional Education
The Institute of Internal Auditors Singapore (IIA Singapore) is dedicated to the advancement and development of the internal audit profession and we continually seek to develop new seminars and conferences, addressing relevant, trending and updated topics.  For the first half of 2015, we have two important events lined up; the Public Sector Internal Audit Conference on 9, 10 April and the Asia Leadership Internal Audit Programme between 25 and 29 May.
 
As we transit into an era of greater complexity and volatility, it is imperative for Internal Auditors to raise the bar of  their capability and competency to contribute to organisational transformation towards high performance. The Asia Internal Audit Leadership Programme is specially tailored for aspiring and senior Internal Audit practitioners, keen on refining and enhancing their leadership skills to provide thought leadership. This intensive 5-day program is facilitated by two experts from the Wharton School and participants will also meet and hear from invited prominent practitioners to share their thoughts and experiences in the Programme. Jointly launched by IIA Singapore and the Singapore Accountancy Commission (SAC), it is positioned as the first programme in Asia to formally groom Internal Audit leaders. It is designed by TMS Academy the integrated leadership development arm of Temasek Management Services Group, a wholly-owned subsidiary of Temasek Holdings.
 
The second important event on the calendar is the annual Public Sector Internal Audit Conference.  The theme this year is “Unlocking the value of internal audit – For an efficient and effective government”. Given the vital role played by internal audit in strengthening corporate governance, internal controls, risk management and value-for-money initiatives in the public sector, internal audit is also expected to be mindful of  external threats  and  internal weaknesses  facing the  organization. The conference will share  ways to unlock the IA value,  insights and market practices to overcome emerging issues and challenges that the organisations may face.
 
As we continuously strive to provide quality education, we welcome members’ inputs to help us in designing  programs that meet your requirements so that you can excel in your work and in your career!
 
Yours Sincerely
Eric Lim
President
January 2015 - 2014 Reflections For Internal Auditors
We had an eventful year in 2014! Major happenings involving changes in political leadership, international conflicts, epidemic outbreaks, natural disasters and cyber-attacks unfolded at relentless speed, presenting opportunities to some on the one hand and numerous threats to others on the other hand.
 
How did internal auditors fit into this puzzle? We may be special. Do we view threats as opportunities for our work? Opportunities for us to identify risks affecting the organisations we work with? Opportunities to identify processes for consideration and to incorporate them into our audit universe and the audit work plan?  The intent and priority is to always safeguard the interest of these organisations; to provide accountability, comfort and assurance to key stakeholders.
 
On this note, I wish you all a purposeful and fruitful year in 2015.
Thank you. 
 
Yours Sincerely
Eric Lim
President
December 2014 - Taking Stock

As the calendar year 2014 is drawing to a close, many would start to take stock. What have I accomplished in my work and what else could I have done to make the year a fulfilling one? The answer could be there is no end to self challenge ourselves to do more; and do better to have a greater impact on our organisations.  

How could you do better? One way is to seek a path of continuous personal development and continuous training. We need to take stock of our skill set and identify gaps. We can raise the bar by enhancing and sharpening our skills and re-skilling to move in tandem or even ahead of the changing times and global environment. Doing so, we will keep ourselves effective and relevant to support our stakeholders responsibly; and according to what the market demands from IA.  

IIA Singapore in the coming year will be active in providing market driven training courses to cater the needs of our members. One important hall mark programme for leadership will be launched in 2015. Watch out for the news!

Yours Sincerely
Eric Lim
President

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Lessons from the Singhealth Cyberattack
 
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