The internal auditor (IA) is faced with pressures within the organization and outside of it, compelling him to constantly sharpen his saw.
Cyberworld developments require him to adapt to novel fraud prevention and detection techniques. Developing such adaptability and preparedness must be established at an agile pace, to mitigate organizational risk in a timely manner. Moreover, geopolitical risk has also become increasingly critical, as the Philippine government exerts more influence in regulating business. On a more proactive note, the Chief Audit Executive must be aware of her mandate as a change agent, leveraging audit findings to enact real change in the critical areas of the organization.
Data analytics is yet another emerging trend that has substantial implications on internal audit practice. So much so that the ability to read and analyze big data is now an acknowledged key competency of the effective IA leader.
In addition, cloud-based IT services, social media, and other technological innovations of late will cause the IA function to evolve even further.
The internal auditor faces equally challenging issues within his organization. First, he must sensibly discern which audit areas actually matter to his stakeholders – to the CEO in particular. He is tasked to audit these very same stakeholders and partners, whilst maintaining his impartial stance at all times.
The IA leader is also accountable for developing a robust IA team, planning and executing effective talent development strategies. Apart from effectually building talent, he also has to drive his own development and chart his career. To do so, he must develop a strong vision aligned with that of the organization; excel at the development of people; create a platform for influencing others within the company; be confident, composed and authentic; and be able to establish close partnerships within the business (PWC, 2016 State of Internal Audit Profession Study).
The First Philippine Internal Auditors’ Summit envisions to impart as much learning as possible, to encompass such a multi-faceted IA role.
The main thrust of this learning journey is for the IA practitioner to add value to his practice, and translate learning into a tangible contribution to the organization’s bottomline.
If interested to join the conference, you may click on this link to get Registration Instructions.