The Institute of Internal Auditors (IIA) Doha Chapter recently hosted a webinar on how technology is helping industry practitioners become more agile.
"The business landscape has changed. Has Robotics Process Automation (RPA) been effectively used by internal auditors. RPAs, coupled with data analytics, helps internal auditors gain comfort on the entire population.
"RPAs also help the auditors to leave the mundane and administrative tasks to the BOTs, and thus focus as strategic advisors to the company," said Giridhar L S, who presented a session titled 'How can the internal auditor's response be more agile in a changing landscape'
Giridhar, who is the CEO of Robotech Solutions in Dubai, delivered a presentation to increase awareness on new technologies that can help make the internal auditors be more agile.
According to the 'Risk in Focus 2021', published by a consortium of institutes of internal auditors, cybersecurity and data security, regulatory change and compliance, digitalisation, new technology, and AI, have been identified as the top three risks for today and the next five years.
"It is essential for auditors to equip themselves and to participate in the digitalisation process so that the same can be factored into their audit strategy. This may involve outsourcing innovation experts in the beginning and gradually upskilling the existing internal audit team to leverage the use of technology fully," Giridhar said.
The presentation covered data analytics for risk assessment, control testing, and repeatability concerning challenges internal auditors would face, such as developing appropriate models, acquiring the right skills on analytics, and the right tools and technologies.
He said auditors would also face challenges from the data side, including data bias, predictability, and lack of integration.
"The entire presentation was interactive with online responses to different technology aspects impacting the internal audit. The participants learned how to reflect on changing scenarios, how well they are equipped as individuals, and about the stage of maturity of their respective organisations.
"Giridhar showcased some of the internal audit possibilities through demonstrations that the members received well. He mentioned using the right technology and consultants to achieve the desired Return on Investment," said Sundaresan Rajeswar, IIA board member.
Over 100 members attended the event. For more information on the webinar, contact IIA at [email protected]