Modernization of Internal audit' a special training for Internal Audit Awareness month

'Modernization of Internal audit' a special training for Internal Audit Awareness month.'

The Institute of Internal Auditors Qatar chapter conducted a special event to celebrate International Internal Audit Awareness Month with training on the 'Modernization of Internal Audit.'

Princy Jain, the presenter from Silicon Valley in the USA, is an experienced consulting professional with over twenty-eight years of experience. He is associated with several papers published for the Internal Audit & Controls professionals. Jain is an active speaker on various topics at both national and international levels.

"Internal Auditors have to maintain competency and upgrade with the growing needs of the business," said Princy Jain in his opening remarks. The session covered unique conversations on the current trends in Internal Audit and how to modernize the Internal Audit function. Key learning areas in focus were Board and management expectations, the current trends in Internal Audit, the future of Internal Audit, and key resources the audit function will need to consider for the future to be most effective.

Based on a survey, Jain mentioned a clear gap in how internal audit (IA) meets the needs of its stakeholders. 77% of Board members believe internal audits' current level of involvement in risk is insufficient. In comparison, 50% of management believe internal audit does not contribute significant value to the organization, while 46% of stakeholders view the internal audit as a significant value provider.

"It is no secret that the world is changing, and now more than ever, there are opportunities for internal audit to react and evolve. The three areas that provide a case for change are digital transformation, impacts of Covid-19 New Normal, and dynamic and complex business models," stated Princy Jain. 

Digital capabilities are essential to the driving value of internal audits. The internal audit maturity curve indicates movements from data enable to data-driven to collaborate digitally to providing strategic assurance. In terms of value, internal audit moves up from being a primary contributor, problem finder, assurance provider, problem solver, insight generator, and with optimized digital collaboration, the journey to reach out to trusted advisor.

In the second part of the session, Jain delved into the current trends in internal audit. "Most Internal Audit Leaders believe that annual audit plans and risk assessments are antiquated. More frequent and fluid cycles are needed. Proactive risk focus, flexible operating model, diverse audit activities, and higher precision activities provide solutions to these issues," Princy Jain said. The way forward as priority habits for internal auditors are upskilling and injecting new talents, the right fit for emerging technologies, and enabling organizations to act on risks in real-time.

'Modernization of Internal audit' a special training for Internal Audit Awareness month.'

The Institute of Internal Auditors Qatar chapter conducted a special event to celebrate International Internal Audit Awareness Month with training on the 'Modernization of Internal Audit.'

Princy Jain, the presenter from Silicon Valley in the USA, is an experienced consulting professional with over twenty-eight years of experience. He is associated with several papers published for the Internal Audit & Controls professionals. Jain is an active speaker on various topics at both national and international levels.

"Internal Auditors have to maintain competency and upgrade with the growing needs of the business," said Princy Jain in his opening remarks. The session covered unique conversations on the current trends in Internal Audit and how to modernize the Internal Audit function. Key learning areas in focus were Board and management expectations, the current trends in Internal Audit, the future of Internal Audit, and key resources the audit function will need to consider for the future to be most effective.

Based on a survey, Jain mentioned a clear gap in how internal audit (IA) meets the needs of its stakeholders. 77% of Board members believe internal audits' current level of involvement in risk is insufficient. In comparison, 50% of management believe internal audit does not contribute significant value to the organization, while 46% of stakeholders view the internal audit as a significant value provider.

"It is no secret that the world is changing, and now more than ever, there are opportunities for internal audit to react and evolve. The three areas that provide a case for change are digital transformation, impacts of Covid-19 New Normal, and dynamic and complex business models," stated Princy Jain. 

Digital capabilities are essential to the driving value of internal audits. The internal audit maturity curve indicates movements from data enable to data-driven to collaborate digitally to providing strategic assurance. In terms of value, internal audit moves up from being a primary contributor, problem finder, assurance provider, problem solver, insight generator, and with optimized digital collaboration, the journey to reach out to trusted advisor.

In the second part of the session, Jain delved into the current trends in internal audit. "Most Internal Audit Leaders believe that annual audit plans and risk assessments are antiquated. More frequent and fluid cycles are needed. Proactive risk focus, flexible operating model, diverse audit activities, and higher precision activities provide solutions to these issues," Princy Jain said. The way forward as priority habits for internal auditors are upskilling and injecting new talents, the right fit for emerging technologies, and enabling organizations to act on risks in real-time.