President Message - December 2013
As 2013 comes to a close, we have witnessed a number of significant milestone activities by IIA Singapore that have contributed to raising the profile and visibility of the internal audit profession.
Through our three main activity drivers: advocacy, professional development and corporate/administrative support activities, we have seen our stakeholders, regulatory bodies, members and the public become more aware of and feel the value-adding pulse of the IA profession.
The members’ aspiration of making the IA profession credible and amongst the top sought-after professions has inspired our IIA Governors & Secretariat team to work for better educational programs during the year. Our objective has been to sharpen members’ professional skills and competencies to gain confidence and trust of Boards, C-suites and stakeholders of the IA’s unique role and independent position in the organisation in adding value and protecting organizational interest.
Keeping ourselves professionally relevant is the key in bringing collective success to our organization. Constantly upgrading ourselves in tandem with the evolving business landscape, changing regulations, stakeholders’ demand for better governance, IT revolution, and cultural complexity in the workforce are daunting but are a must to survive in this age.
For these reasons, IIA Academy drummed up an unprecedented number of professional development activities for members to enable them to review corporate processes effectively relating to the risks and opportunities confronting their organisations’ businesses in these complex regional and global economies. A well-equipped unit thus reflects its capability and capacity to handle the larger risk-based annual workplan and the “Black Swans” that will harm ill-prepared organisations. The coming educational professional activities are available in the IIAS Academy Website.
Our advocacy activities for the year have also been stepped up on a high note on several fronts. IIAS established ties with Singapore academia to raise awareness among students of the IA profession and the important role it plays in the organisation. We worked with SMU to introduce the inaugural Internal Audit elective, where attendance by third and fourth year students was overwhelming. The unique feature of this program is that the eight modules were delivered by our governors/members who were senior practitioners in the industry! The program successfully ended recently and was well-received by the students. We sponsored a scholarship and prizes for a case competition on internal audit which were won by 3 deserving teams. SMU will be running the IA elective again in January 2014. We welcome IIAS members to register their interest to participate as guest lecturers in this elective that helps to promote the profession among students.
Last month, we also hosted a forum at UNISIM where two IIA members who were senior practitioners in the industry shared their passion for IA with the students and advised them about how to begin a career in IA. Read more about it here. We will continue maintaining a presence at universities as part of our long-term vision of growing internal auditors from the ground up.
We have good news for you regarding improvements in our secretariat services. Members who are certified with the CIA, CCSA, CFSA, CGAP and CRMA have to fulfil annual CPE reporting with IIA Singapore all these years. Starting from Dec 2013, IIAS worked with IIA Global to allow direct filing of CPE hours electronically through IIA Global’s Certification Candidate Management System (CCMS). With this development, members have another option to do their CPE filing. This initiative is part of our efforts to increase the convenience to our members for CPE reporting. I want to also take this opportunity to remind IIA Singapore's members that with this option, members have up until 31 Dec 2013 to file their CPE.
Last but not least, a hallmark event that took place is the inaugural Public Sector Internal Audit Conference. We were very enlightened by the high turnout by the auditors from the public sector last April, and we look forward to another successful PSIA conference on 8-9 April 2014! Save your dates!
I hope you are as excited and proud of the IIA Singapore Chapter as much as I am and I look forward to serving you with results. I take this opportunity to wish you and your families a Merry Christmas and Blessed New Year in advance.
President Message - November 2013
It is that time of the year again where public-listed companies who won the IA Excellence Award will be feted at the 14th Investors’ Choice Awards tonight, as part of the Singapore Corporate Governance Week. The Internal Audit Excellence Award, better known as the IAEA, is awarded yearly by IIAS, SIAS and SMU to Singapore public-listed companies that have put in place an effective Internal Audit function to enhance corporate governance, risk management and internal controls. I am pleased to say that we experienced a record-breaking number of award submissions this year by public-listed companies, and I am confident that IAEA’s journey to becoming a household name is well on its way.
Besides the IAEA, yearly conferences have always featured as a key aspect of our advocacy initiatives. As part of our recent September conference, we were very proud to have the IIA Global Chairman, Paul Sobel visit Singapore. During his visit, he met with key stakeholders in the profession and we were honoured to receive the Chairman's feedback subsequently that, “IIA Singapore is an active and engaged Institute with a strong board and many productive ideas. Their initiatives with organizations such as the SIAS, SAC, and AGO, will improve the practice of internal auditing in Asia while elevating the Institute to new heights in 2013 and beyond.”
We recently unveiled the theme for our next Public Sector Internal Audit Conference (PSIA 2014), “Taking the Lead in Effective Governance”. Taking place at the Marina Mandarin on April 8-9, I strongly urge all IA, governance and risk management professionals involved with the public sector to attend and learn from thought leaders from all over the world. We will be revealing more details on the programme in the coming month.
This week, I travelled to Taipei to represent IIA Singapore at the 2013 ACIIA conference where more than 1000 delegates gathered from around the region. IIA Singapore is one of 18 IIA affiliates in the Asian Confederation of Institute of Internal Auditors (ACIIA). I am also pleased to announce that it will be Singapore's turn to host the ACIIA conference in year 2015 and we look forward to having members volunteer their support at this regional event.
THE 21ST CENTURY INTERNAL AUDITOR
An IIA Singapore and Robert Half Video Collaboration
Driven by accelerating change, the role of the 21st Century Internal Auditor has evolved. The ingredients that lead to success involve a skilful blend of effective relationship-building and integrity with technical competence, among other key attributes.
The Institute of Internal Auditors Singapore and Robert Half spoke recently with four industry professionals for their local insights on how the role has evolved and what it takes to be a 21st Century Internal Auditor.
The Evolving Role of The Internal Auditor
In the wake of rapid globalisation and regulatory changes over the past decade, the role of Internal Audit has evolved to maintain its relevance. Globally, relationship--building and integrity are being strongly identified as most-wanted attributes in the 21st Century Internal Auditor. Technical skills alone will no longer suffice.
To attract and groom the next generation of internal auditors with creative-thinking and communication skills, career development & progression, recognition and rewards need to be addressed holistically.
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Download Video Transcript [PDF, 333KB]
Attributes of The 21st Century Internal Auditor
Acquiring effective soft skills are essential for all successful Internal Auditors. The 21st Century Internal Auditor has to be seen as an effective communicator, creative-thinker and problem-solver. As most organisations today increasingly use social media widely for its businesses, internal auditors should leverage this great tool for their work.
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Download Video Transcript [PDF, 297KB]