Singapore Government

IA Essentials #4

The International Standards for the Professional Practice of IA ("Standards") state that the Internal Auditors must be proficient and must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities. Collectively, the IA activity must possess or obtain the knowledge, skills and other competencies needed to perform its responsibilities.

The Knowledge, skills, and other competencies referred to in the Standards include:

  • Proficiency in applying IA standards, procedures, and techniques in performing engagements.
  • Proficiency in accounting principles and techniques.
  • Knowledge to identify the indicators of fraud.
  • Knowledge of key information technology risks and controls and available technology-based audit techniques.
  • An understanding of management principles
  • An appreciation of the fundamentals of business subjects such as accounting, economics, commercial law, taxation, finances, risk management and fraud.
  • Skills in dealing with people, understanding human relations, and maintaining satisfactory relationships with engagement clients.
  • Skills in oral and written communications to clearly and effectively convey such matters such as engagement objectives, evaluations, conclusions, and recommendations.

The Singapore Code of Corporate Governance (Code) principle 13.3 emphasises that the IA function should be staffed by persons with the relevant qualifications and experience.

Put together, there is a need to for Internal Auditors to be properly certified via professional programmes in order to demonstrate that they are able to effectively carry out their duties.

For a list of certifications that Internal Auditors can obtain, please click here

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