Internal auditors as change agents
The inaugural Global IA Leadership Summit 2015 took place on 14 October at the Marina Mandarin Singapore
Professor Tan Eng Chye, NUS Deputy President Academic Affairs and Provost, shared his views on how NUS' internal auditors served as change agents during a panel discussion at the inaugural Global IA Leadership Summit 2015 on 14 October at the Marina Mandarin Singapore.
Titled "View from the Top – IA as Agents of Change, the panel discussion was moderated by Mr Uantchern Loh, Chief Executive, Singapore Accountancy Commission (SAC). In addition to Prof Tan, the discussion featured Mr Paul Chong, President and Chief Executive Officer, Certis CISCO Security Pte Ltd; Mr Lee Chong Kwee, Chairman, Jurong Port Pte Ltd and Board Member, JTC Corporation; and Mr Chia Nam Toon, Assistant Group Chief Executive Officer, Corporate Services, Ascendas and Chief Corporate Officer and Group Chief Financial Officer, Ascendas-Singbridge.
During the panel discussion, Prof Tan said that internal auditors have good insight of the organisation working and understanding of the key processes that cut across multiple departments. As such, they are in the best position to identify and highlight systemic issues in an organisation to management, and advise on best practices. Internal auditors also play an advisory role in the areas of risk management and controls, and they serve as a conduit between the management and the various departments to maintain a robust control environment. They are also well-positioned to look out for a deteriorating risk culture and to provide warning signs on emerging risks. The NUS Office of Internal Audit (OIA) is a cornerstone of good corporate governance in organisations and play an important role to improve management and accountability, both financially and non-financially.
Prof Tan went on to share how OIA facilitated the University's transition from a statutory board to a not-for-profit company limited by guarantee in 2006. OIA introduced industry best practices and assisted faculties and departments in revising internal policies and procedures to put in place controls to mitigate risks. Over the years, OIA has also mooted a number of key initiatives, such as initiating the Enterprise Risk Management study, formalisation of a whistleblowing policy, centralising certain key functions for effective control and efficiency, and introducing data analytics as a management tool.
Prof Tan (second from right) participated in a panel discussion at the Summit
The Institute of Internal Auditors Singapore (IIA) launched the inaugural Global IA Leadership Summit in partnership with SAC. The one-day Summit took place just before IIA's two-day Annual Conference. Themed "Agents of Change, Pillars of Control, the three-day event saw a host of distinguished thought leaders sharing their views to an audience of about 300 internal audit professionals from Southeast Asia spanning industries from banking, insurance, financial services, manufacturing and property development, among others.
