7 February 2014
IIA-ISACA Joint Lunar New Year 2014
We celebrated the recent Lunar New Year with ISACA Singapore, where almost 100 members of both professional bodies got together for Lo Hei, dinner and networking at Concorde Hotel on 7 February. The event started off with a lively Lo Hei, which literally means ‘tossing up good fortune’ with Yu Sheng (Raw Fish) Salad, symbolising ‘an abundance of wealth and long life’. The Chinese believe that the higher the salad is tossed, the greater your fortunes will be, and the atmosphere was merry as everyone raised their chopsticks together.
Many business cards were exchanged that night, and members also heard from guest speaker - Rajesh Sreenivasan of Rajah & Tann - as he shared key aspects of Singapore's Personal Data Protection Act. The evening closed with a Lucky Draw where IIA and ISACA Presidents, Eric Lim and Leonard Ong presented shopping vouchers to the winners. If you were there, thanks for coming to celebrate Lunar New Year with us!
COSO 2013 - Delving Into the Latest Revisions, Relevance for Singapore
27 Jan 2014 |The Fullerton Hotel
BY SUSAN SIM
12 Feb 2014
COSO Chairman speaks on the revised COSO Internal Control Framework - what’s changed, why and so what?
COSO Chairman Bob Hirth briefed more than 70 senior management professionals on the revised Internal Control Framework at a luncheon hosted by The Institute of Internal Auditors (IIA) Singapore, Protiviti and the Singapore Institute of Directors (SID).
His presentation continued with a panel discussion made up of representatives from IIA, SID and Singapore Accountancy Commission (SAC) who shared their views on COSO 2013 and how the Framework could support requirements of the SGX Listing Rule 1207(10).
Addressing Chief Audit Executives, Audit Committee members, CEOs, CFOs and risk professionals from both the public and private sectors, Bob reiterated COSO’s fundamental principle: Good risk management and internal control are necessary for long-term success of all organisations. 20 years in the making, the new Framework, he explained, was not a complete overhaul. He shared that changes in the business and operating environment had been the driving forces behind the revisions. A number of updates to the revised Framework include: a broader concept of reporting, increased emphasis on compliance and operations' objectives, full adoption of the principles and points-of-focus approach, and reinforcement of the importance of effectively managing IT risk.
Bob also took the audience through what they needed to do in leading their organisations through COSO 2013. His advice included reading and understanding the revised Framework, meeting with the audit firm, training others, mapping controls to principles, evaluating results and planning for change.
Come15 December 2014, the updated Framework will supersede its predecessor. During this transition period, it is advised that external reporting should disclose whether the original or revised version of the Framework is used. This week, COSO has also released a new white paper “Improving Organisational Performance and Governance – How the COSO Frameworks Can Help” which relates the COSO frameworks to an overall business model and describe how the key elements of each framework contribute to an organisation’s long-term success.
One of the questions raised during the Q&A that followed was, “How do we arrive at an overall conclusion on the adequacy and effectiveness of internal control systems as required by the SGX Listing Rule 1207(10)?”
It was proposed that the COSO framework could be adopted within organisations as a guide for implementing a robust and effective system of internal controls that address financial, operational and compliance risks, so that assurance on the adequacy of internal controls could be given. Tone from the top is important in this respect, as senior management is responsible for putting in place effective systems and building a culture which promotes good governance.
In doing this, panellist James Loh, IIA Singapore’s Vice-President, stressed the importance of Internal Audit (IA) in leading efforts to embrace the COSO Framework, as it is the most widely-recognised guidance on what constitutes effective internal control. Organisations have to understand the importance of internal controls and expertsinIA can assist with crafting a simple yet powerful value proposition for process owners and management. For the framework to be fully adopted, process owners must be convinced of how it links to their work, and IA must do the convincing.
Uantchern Loh, Chief Executive, SAC, further counselled that adoption of world-class standards such as the COSO Framework is important if Singapore is to become the global accountancy hub by 2020. In the coming months, SAC plans to look at how frameworks like COSO can be deployed effectively in the marketplace so that everyone benefits.
As the participants contemplated the significance of the COSO Framework for their own organisations, Daniel Ee, an SID Council member, shared that Boards need to take ownership for risk management and internal controls and could use the COSO framework to drive the internal control process; management down the line needs to understand the framework and be responsible for implementing it. Bob Hirth urged the audience to consider COSO and what it has to offer - a competitive advantage and leadership in governance to organisations that take it to heart.
The event concluded with the Managing Director of Protiviti SEA, Sidney Lim, thanking the audience for attending the session.
Susan Sim (MBA, CIA, CPA Australia) is the Marketing & Business Development Manager at The Institute of Internal Auditors Singapore
The IIA is a member of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), a joint initiative of five private sector professional associations collaborating to provide thought leadership, frameworks, and guidance on enterprise risk management, internal control, and fraud deterrence. As one of the five sponsoring organizations for COSO, The IIA provides its members with exclusive access and discounts through its COSO Resource Center. Resources on the updated framework are also available for loan in the IIA Singapore library located at 6 Shenton Way.
James Roth, will speak on 8 April on the implementation of COSO 2013 for public sector agencies
31 October 2013
Student Career Talk: Discover Internal Auditing as a Career
IIAS and SIM GE Career Services had jointly hosted a career talk for SIM students, whereby aspiring students with interest in IA, had the opportunity to find out more about IA as a career. It was an interactive panel discussion between existing practioners of the trade and the students. The turnout was overwhelming with more than 130 SIM students.
Benjamin Lim, Head, Internal Audit - CapitaMalls Asia Limited (centre), and Richard Tan, Partner - KPMG Advisory LLP, Singapore (right), shared their IA career passion.
Mr Benjamin Ng and Mr Richard Tan had shared how they climbed the ranks and rose to where they stand today. Students also learnt what qualities of an IA (both academic and soft skills) that companies look for during hire. They also had the opportunities to understand what an IA career holds for them and how should they discover their career passion.
Click here for publicity poster.
22 October 2013
IIA-CPA Australia Collaboration: ERM - One Size Does Not Fit All
James Roth shared with more than 50 attendees the ERM fundamentals and best practices.
IIAS collaborated with CPA Australia to hold a joint event for their members and the public on Enterprise Risk Management: One Size Does Not Fit All. The session has concluded successfully with speaker, James Roth, leading the participants to have an insight of ERM fundamentals, best practices and discussed real-world case study.
Friday, 20 September 2013
ACCA and IIA Singapore Sign Memorandum of Understanding
ACCA Singapore (The Association of Chartered Certified Accountants) and IIA Singapore signed an MoU on 20 September 2013 to intensify collaboration in areas of common interest and mutual value.
The MoU commits the two professional bodies to share knowledge for beneficial research, expertise in technical issues as well as professional development, networking events and opportunities to strengthen members’ capabilities to keep abreast with latest issues impacting the business industry.
Eric Lim, President of IIAS (centre right), and Wilson Woo, President of ACCA Singapore (centre left), signed the MoU to intensify collaboration in areas of common interest and mutual value.
“IIA Singapore shares similar visions to those held by ACCA and this widens the opportunities for future collaborations. ACCA is a global accountancy body held in high esteem and the signing of this MoU opens many possibilities for IIA and ACCA members to share and participate in impactful initiatives together that will have global recognition,” said Mr Eric Lim, President of IIA Singapore.
“It is a very exciting time for both ACCA and IIA members as the business landscape is going through new developments and regulatory changes. Our membership base that includes business and accounting professionals of diverse backgrounds from a wide range of industries will need to embrace these challenges,” said Mr Wilson Woo, President of the ACCA Singapore branch. “ACCA looks forward to developing new collaborations and initiatives with the IIA that will help members of both bodies to meet these challenges as they progress in their professional development in this current dynamic business landscape in Singapore.”
The MoU signing ceremony ended on a light-hearted note as guests mingled in a networking session to share perspectives.
Download the press release here.
4 - 6 September 2013
Annual Conference and Leadership Forum 2013
"Breaking Barriers, Building Bridges" being the conference theme. Effective communication has been a perennial challenge for internal auditors. Technical skills are of vital importance but should be complemented with effective communication skills to render internal auditors valuable. The internal auditor of the future must be able to build highly collaborative relationships with all levels of business, communicate effectively and inspire trust to raise the bar of the profession.
The 3-day annual conference and leadership forum was packed with thought-provoking sessions with eniminent speakers from around the globe. Conference attendees heard from high profile thought leaders including Professor Mervyn King, Chairman of the International Integrated Reporting Council (IIRC) and Paul Sobel, IIA Global Chairman, for a well-balanced perspective on best practices; to gain knowledge and tools to build strategic IA frameworks; and deploy smart technologies for collaborative internal audit functions.
The event ended successfully on an enjoyable evening as participants had the opportunity to get a piece of Singapore's best view at Sands SkyPark, followed by an interactive and fun-filled gala dinner.
Mr. David Gerald, President and CEO of Securities Investors Association (Singapore) was the Guest‐of‐Honour. His speech can downloaded here.
Download the press release here.
14 August 2013
IIAS-TR Collaboration: Lunch & Learn -The Evolving Role of Internal Audit in the GRC Environment
Mr James Loh, IIA Singapore Governor, sharing Internal Audit Landscape survey results with participants.
More than 100 participants, turned up for the lunch & learn session. Mr Patrick Wang, Thomson Reuters, explored the role of Internal Audit within the GRC environment, discussing opportunities for Internal Audit to elevate their role within the business while sharing industry trends and key priorities for the future. Mr James Loh, one of IIA Singapore Governors, also shared the Internal Audit Landscape survey results with participants.
31 July 2013
IIAS-ACL (formerly The Prodigy Group) Collaboration: Improving Governance through Data-Driven Audits
It was a never-before networking evening as members relived their childhood with IIA Singapore at Mint Museum of Toys. Attendees had an exclusive guided museum tour by Curator Richard.
Mr. Eduardo Tsang from ACL Services, shared with us on how to improve governance through data-driven audits.
"If you carry your childhood with you, you never become older." - Tom Stoppard.
5 June 2013
IIAS-SID Collaboration: Using CSA in creating a Self‐accountable Organisation Culture
Eric Lim, President of IIAS (left), and speaker, Don Esperson (right), exchanging tokens of appreciation at the end of the seminar.
IIAS collaborated with the Singapore Institute of Directors to hold a joint event for its members and the public on Using Control Self-Assessment (CSA) in creating a Self-Accountable Organisation Culture. The session has concluded successfully with speaker, Don Espersen, leading the participants to have an insight of how CSA program can be a tool to support Audit Committee’s opinion on the adequacy of internal controls. He also shared about the Audit Committee’s expectations of Chief Audit Executives.
30 May 2013
Eric Lim, President of IIAS, delivering opening remarks at The Prodigy Group's Regional User Conference 2013.
IIA Singapore was invited to deliver the opening remarks at The Prodigy's Regional User Conference 2013, where by was a gathering for individuals who share the same interest on the fields of Audit & Compliance, Risk Management and Business Assurance.
Eric Lim, President of IIAS, talked about two of the key pillars that will raise the effectivenss of the Internal Audit (a) people development and (b) use of CAATs. The notion of rasing the bar of auditors through upgrade of skills through equipping the auditors with appropriate CAATs both internally and externally.
23 to 24 Apr 2013
Public Sector Internal Audit Conference (PSIA) 2013
Delegates focusing on talk "Issues and Challenges of Internal
Audit in Malaysian Public Sector".
IIA Singapore recently held her first Public Sector Internal Audit Conference on 23 & 24 April 2013. The conference is to empower delegates with a more superior grasp of public sector internal audit issues throughout the world.
Senior Minister of State for Finance and Transport Mrs Josephine Teo was present as Guest-of-Honour. "Internal audit helps to give the leadership a clear view of internal processes, through its objective and independent perspective."said Mrs Josephine Teo. Her full speech can be found here.
The 2-day conference are packed with high profile public audit leaders from New York, South Africa, Australia, Singapore, Philippines, and Malaysia whom spoke on topics unique to the public sector. From the informative conference, the delegates brought back with them knowledge and tools to build strategic frameworks and deploy smart technologies for enhanced, collabrative internal audit functions.
Download the press release here.
26 Feb to 1 Mar 2013
Dr Dan Kneer's courses
Look at the huge turnout for Dr. Dan’s 1st March 2013 class!
IIAS Singapore invited Dr. Dan Kneer from the Americas to conduct four one-day courses on auditing. Participants learnt about IT auditing, analytical techniques in statistics and sampling, and testing for fraud/risk etc. Using Powerful programmes such as Excel and Access, auditors will be able to present management-friendly reports with confidence.
Dr. Dan Kneer has been voted “Americas # 1 trainer of auditors.” He has been rated the # 1 speaker at multiple IIA Internationals. Dr. Dan has delivered talks at famous venues such as 1) Caesars Palace, 2) the Washington D.C. National Press Club, 3) the Downtown New York Athletic Club (home of the Heisman trophy), 4) the grand ballroom at the Waldorf=Astoria Hotel, 5) Madison Square Garden, 6) the Palace de Concorde (Paris), 7) the Paris Hilton (no lie) and the Amsterdam Hilton, 8) and the Sydney Opera House. He has twice been nominated for the IIA’s prestigious Leon Radde Award.