Best Practices in Internal Audit

Internal auditors are no longer seen as just a bloodhound or watchdog, but a trusted advisor in today’s economic climate. The traditional role of internal audit (IA) has evolved from mere internal control and management to one that focuses on strategic value add brought to the business as a whole. Pressure on internal audit intensifies as expectations for effective internal corporate governance, risk management and regulatory compliance grow. Understanding the needs of your stakeholders, namely the audit committee, management, regulators, investors and the public, is crucial to ensuring that audit leaders continuously leverage on the contributions of the IA function for business excellence.

Pacific Conferences has organised a two day comprehensive conference on «Best Practices in Internal Audit», which will be held in two locations, Hong Kong on the 1 – 2 February, and Singapore on the 4 – 5 February 2010. Specially tailored to professionals in Internal Audit, Corporate Governance, Risk Management and Compliance, this timely conference will congregate experts and industry leaders to share best practices on how to transform their IA function in these times of ‘business as unusual’.

Key essential topics put forth include Internal Audit Excellence, Integrated Governance, Risk Management and Compliance (GRC), Audit Leadership, Enterprise Risk Management, Risk Intelligence, Fraud Risk Management, Corporate Compliance and Ethics, Compliance Monitoring, Audit Integration, and Meeting the Expectations of the Audit Committee. This will be supported with a good mix of case studies and best practices from leading local and international companies. A panel discussion on Internal Audit in a Global Business will be led by Tan Chong Huat, Managing Partner of KhattarWong and Head of its Corporate & Securities Law Department.

Reflecting on the challenges faced, speaker Benjamin Chiang, Partner of Ernst & Young Advisory Services commented, «Internal audit departments have not been spared in the board layoffs, headcount freezes and other budget reductions. They are asked to provide greater assurance in the current climate with a greater emphasis on costs and demonstrable value.» He will be sharing at this conference on how strategic internal audit outsourcing can be a cost effective proposition that addresses new risks in an expanding audit universe.

Echoing these concerns is speaker Jens Kessler, Regional Head of Internal Audit Asia Pacific, Allianz Global Investors, who believes «many areas or businesses are still in a classic ‘down economy’ scenario, leaving IA with the significant challenge to not only do ‘more with less’ but also be a valuable advisor for senior management in their effort to define an acceptable risk profile and improve governance across the organisation.» Tay Kim Yam, Director of Asia Pacific Advisory Services, further elaborates that «the expectations of internal auditors are going to be a lot higher, and they require a broader, more business and strategic focus on risk management as a trusted advisor of the company.»

To address this, Peter Koo, Partner of Enterprise Risk Services at Deloitte Touche Tohmatsu, will speak on how comprehensive GRC can help organisations overcome the inertia of functional, process and technology silos. «GRC solutions will help internal auditors focus on anticipating issues rather than reacting to them, and enable improved recognition, understanding and prioritisation of risks – which is critical to more effective decision making and performance management» said Mr Koo.

Another challenge raised is the need to ensure a level playing field in the industry, and the struggle in attempting to tackle the problem of compliance with all applicable laws, regulations and provisions on corruption and unfair competition outside the boundary of the company. «Rising shareholder attention and demands increase the level of seriousness that company management need to pay to ensure their business processes and compliance programmes are robust enough to effectively tackle corrupt behaviour,» according to speaker Kenny Mok, VP & Head of Compliance, Siemens Singapore.

Other prolific speakers gathering at this conference include Standard Chartered’s Head of Audit, Wholesale Bank, Neil Webster, ABN AMRO’s Head of Group Audit Asia, Laval Wong, Deutsche Post DHL’s Head of Regional Office AP, Steven Eng, Novartis Asia Pacific’s Regional Head of Internal Audit, Antonio Martinez, Baker & McKenzie’s Partner, Gary Seib, KPMG’s Director of Internal Audit, Risk & Compliance Services, Claudia Eio, and others.

Mr Kessler believes «learning from peers is a pre-requisite for any executive who wants to add value to his organisation.» Coupled with best practice sharing, this conference will provide the opportunity to network with peers who stand at different points of their journey, allowing for a holistic view of the topics, with insights into how IA can add value to their business through championing effective GRC practices.

Conference Details can be found below:

Title: Best Practices in Internal Audit

Date & Venue: 1 – 2 February 2010, The Excelsior, Hong Kong

4 – 5 February 2010, Sheraton Towers, Singapore

Time: 9 am – 5.25 pm

Please visit http://www.conferences.com.sg/S1359-IA3-99A-O.pdf, or contact Ms. Adrielle Ting at +65 6372 2202 or email adrielle@conferences.com.sg

About Pacific Conferences

Pacific Conferences specialises in organising business conferences aimed at providing interactive, insightful information and analysis about issues facing businesses in Asia-Pacific. Our conferences are developed through thorough research and a deep understanding of the critical concerns facing industry professionals. They are addressed by experts and leaders who have deep knowledge and practical experiences in their respective areas.

More information may be found at www.conferences.com.sg

For further information, please contact:

Ms. Chan Boon Wah