Singapore Government

Internal Audit: How Much is Enough?

A roundtable on the IA function

SAC Nexia Roundtable

The Singapore Accountancy Commission (SAC) and Nexia TS Public Accounting Corporation (Nexia TS) co-organised a roundtable on 19 May 2015, which brought together experienced Internal Audit (IA) practitioners from both public and private sectors, as well as Audit Committee Chairpersons to debate on several hot topics relating to IA.

Co-moderating the discussion were Mr Uantchern Loh, Chief Executive of the SAC, and Mr Chin Chee Choon, Director at Nexia TS, both also experienced IA practitioners.

Questions on the scope of IA and its associated concerns such as the right size of the IA function for an organisation, the budget, the degree to which IA can be outsourced and even whether there should be a minimum when it comes to IA, gave rise to an intense dialogue that was tempered with occasional moments of humour from anecdotes shared by participants.

The roundtable reached a consensus on the need to get fundamentals right, which is to start from holistic assessment of risks, before all other considerations on IA could come into play. Only by defining and being aware of what would require IA to focus on, i.e. scope of IA, can the size of the function be decided, instead of the often easy way of ‘working backwards’ from a pre-determined monetary amount.

The SAC and Nexia TS would like to thank all participants for taking the time to attend the roundtable discussion. They are Mr Derrick Lim, Divisional Vice President, Internal Audit, Singapore Airlines; Mr Antonio Martinez, Vice President, Head Internal Audit, DKSH Management; Mr Henry Tan, Managing Director, Nexia TS; Ms Karen Tan, Head of Internal Audit, Singapore University of Technology and Design; Professor Teo Chee Khiang, Professor (Practice), Department of Accounting, National University of Singapore; Mr Laval Wong, Head of Group Audit Asia, ABN AMRO Bank; Mr Yoong Ee Chuan, Director, Internal Audit, Ngee Ann Polytechnic.

SAC Nexia Roundtable PDF

Download the full report of the roundtable here.

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