The Institute of Internal Auditors (IIA) in Qatar recently organised an event on ‘Emerging Trends in Internal Audit’, featuring resource 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 learn about the recent industry developments 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.
Hassan al-Mulla, head of the IIA’s Qatar chapter, stressed the importance of raising awareness on 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 event also included insights by IIA board members, including Rajeswar Sundaresan, who presented concepts of risk management, particularly the need to understand “enemies of change” and what should be done.
Similarly, 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, provided informative sessions aimed at helping attendees evaluate their organisations’ risk-taking propensity and the utilisation of technology in internal audit functions.
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 minimise 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 said.
Gouws also emphasised 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 while offering opportunities to provide enhanced insights and realise 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,” he added.
The event also featured an interactive session to discuss the results of a survey conducted by KPMG 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.
Dignitaries from the Institute of Internal Auditors (IIA) in Qatar and KPMG during the event.
