Minister in the Prime Minister’s Department, Yang Berhormat Senator Datuk Paul Low calls for new legislation to regulate the internal auditing profession

The Institute of Internal Auditors Malaysia (IIA Malaysia) today launched the 2013 National Conference on Internal Auditing at the Kuala Lumpur Convention Centre. The two-day conference with the theme “Scaling Greater Heights: Adding Value” emphasised the need to unify the efforts of knowledge sharing and implementing best practices throughout the industry, to ensure the elevation of  the internal auditing profession which is an important component of the nation’s growth towards becoming a high value and high-income economy.

Held on 23rd and 24th September, the National Conference saw the participation of over 800 professional internal auditors from organizations throughout Malaysia and was officiated by Minister in the Prime Minister’s Department, Yang Berhormat Senator Datuk Paul Low Seng Kuan.

“I am committed to engage with professional bodies such as IIA Malaysia to seek the involvement of certified professional in our national quest to improve governance and integrity, including the eradication of corruption in every sphere of society.”

“The internal audit profession has changed considerably over time to meet the challenges of the modern economy and the complexity of commerce. The skill sets that are required for the profession is more than assessing compliance to internal controls and procedures – it also requires formulating risk based preventive strategies and mitigating measures,” said Datuk Low.

Datuk Low further added that it was imperative for internal auditors to embrace modern technology to enhance capability in monitoring and mitigating risks. Internal auditors must also be highly competent individuals with impeccable character and integrity.  As such, he would seek to pursue recommendations to legislate the internal audit profession in the near future as it would further ensure internal auditors compliance with professional standards.

“There is a continuous challenge for internal auditors to add value and improve an organisation’s operations through recommendation of best practices. In addition, internal auditors are required to evaluate and improve the effectiveness of risk management, control and governance processes.  Such challenges have increased the expectations of corporate stakeholders throughout the world, and through the National Conference on Internal Auditing, we aim to further enhance knowledge sharing amongst internal auditors and how internal auditors can scale greater heights and add value to organisation through learning’s from the conference,” said Mr. Ranjit Singh, President of IIA Malaysia.

With a panel of respected speakers from around the world the National Conference saw speakers presenting insights regarding governance and risk control to emerging issues and trends currently challenging the profession on a global level.  Leading the line-up of speakers at the conference was Mr. Lawrence Harrington, Vice Chairman of the Global Institute of Internal Auditors of which IIA Malaysia is a member Institute.

“The global mission of the IIA has always been to provide dynamic leadership to the profession of internal auditing, a role of particular importance in light of the state of the global economy. Through this National Conference our goal is to provide a platform through which the conducive sharing of ideas can occur and that Malaysia can be seen as both a user and contributor to the best internal auditing practices governing the profession,” said Mr Harrington.

Auditing professionals who attended the conference were able to interact with creative and informative sessions held by industry-led vendors featuring innovative products and services available in the market today. On top of that, the conference acts as a place for internal auditing professionals to discover the latest tools, techniques, services and other opportunities available to further build on the strength of the profession.

The conference will also host a number of respected international speakers such as Abdulqader Obaid Ali, Chief of Internal Audit for Dubai World, Ricardo Nicanor Jacinto, President and CEO of Institute of Corporate Directors, Phillipines, Chart Chai Chayavirabood, Head of Business Intelligence, Information Technology Consulting of Protiviti South East Asia and many other notable speakers who will be providing insights on auditing at a global scale on a wide range of topics.

“Taking into consideration the fast pace and ever-revolving industry, internal auditors are facing the challenge of constantly being in demand with rising expectations and regulations by shareholders, regulators and other stakeholders, this conference is a great platform for attendees to better understand the issues revolving around the field of internal auditing today and how to overcome them through professional guidance from experienced delegates,” said Mr. Singh.

IIA Malaysia is a non-profit professional association dedicated to the advancement and development of the internal audit profession in Malaysia. Established in 1977, IIA Malaysia provides leadership, professional certification and executive development for internal auditing professionals and currently serves over 3,000 members throughout Malaysia.

For more information about the conference, please visit the IIA Malaysia website at www.iiam.com.my