Findings and perspectives on issues around Internal Audit
An effective Internal Audit (IA) function can not only magnify what the company already knows, but present new findings, offer new perspectives and provide new ways of gleaning such insights.
KPMG and Forbes recently surveyed more than 400 Chief Financial Officers and Audit Committee Chairs on a host of issues regarding the performance, focus, value and future of IA functions at their organizations. The findings call attention to a "value gap" between what Audit Committee Chairs and CFOs identify as priorities and what they are receiving from their IA functions.
A joint survey of the Internal Audit profession by the Asia Centre of Excellence for Internal Audit (ACEIA) of the Singapore Accountancy Commission (SAC), and KPMG in Singapore.
As pressure mounts worldwide for internal audit functions to provide greater assurance over a wider area of the company’s operations, many internal auditors here find themselves underequipped, under-resourced and under-appreciated.
Increasingly, governance, enterprise risk management, fraud, information technology and operations and strategy are being added to the growing list of areas IA has to look into. With this expanded focus, there has to be concerted efforts to grow IA resource, talent, skills and the profession.
KPMG in Singapore, together with CPA Australia did a study that examined the findings and root causes raised in the Auditor-General’s Office (AGO) 2016 Report. This includes analysis of results from the previous 26 years as well as results of a survey and series of roundtables with internal audit, risk and finance executives exploring Integrated Assurance as a possible approach to address recurring themes.
Guidance for the Effective Internal Audit in the Financial Services Sector was published by the Committee on Internal Audit Guidance for Financial Services in July 2013. The guidance builds on International Auditing Standards and aims to improve the effectiveness and raise the profile of internal audit across the Financial Services sector.