Internal audit leaders at the event.
The Institute of Internal Auditors (IIA) in Qatar held an event on ‘emerging trends in internal audit’ featuring guest speakers from KPMG. The event brought together over 125 internal audit leaders within the business community in Qatar and gave practitioners and leaders an opportunity to hear about recent developments in the industry and best practices around key issues. The expert panel also shared critical information on how internal audit can turn insights, challenges and opportunities into value-added advantages in the current economic landscape.
Head of the Qatar Chapter of the IIA, Hassan Al Mulla stressed how important it is to raise awareness of the value of internal audit in managing risks. He added that knowledge of risk management and data analytics are critical tools for the success of Internal Audit.
The evening also featured comments by IIA Board members including Rajeswar Sundaresan who appreciated novelty in presenting concepts of risk management particularly indicating need to understand “enemies of change” and what should be done. Overcoming fear of the unknown, bringing in fresh and innovative thinking, and recognizing signals of change were given as examples of proactive solutions.
Granville Smith, Managing Partner for KPMG’s Internal Audit practice in South Africa and Thomas Gouws, Partner for Data & Analytics-enabled Internal Audit for KPMG in South Africa wee among others who spoke. During his presentation, Granville Smith explained that technology advancement is changing the business environment, particularly when it comes to identifying, assessing and preparing for risks. “Risk is inevitable; it is part of our everyday life. Being well prepared with the right knowledge and capabilities are key in mitigating risks. As the world is changing, it is important to be on top of the market trends to minimize the impact of risks and turn them to profitable advantages. To ensure organisations are moving on the right track and stay competitive, auditors need to adjust their thinking from the disruptive approach to risk management, towards innovative solutions” Smith commented.
Thomas Gouws also emphasized the importance of internal audit efficiency and speed to keep up with fast-paced technology innovation. “There is an increasing shift towards technology driven solutions in internal audit which we expect to be both disruptive to the profession whilst offering opportunities to provide enhanced insights and realize efficiencies. This is why KPMG has been investing in data and analytics globally and why we collaborate with technology providers to develop a living, global, digital platform for the future.” Gouws added.
The event also featured an interactive session to discuss the results of a survey conducted by KPMG – a study on how data and analytics can enhance the internal audit value proposition to allow Qatar-based internal auditors to evaluate and focus their functions towards repeatable and sustainable use of data and analytics.
