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2024 IIA MALAYSIA NATIONAL CONFERENCE Theme: Future-Proofing Governance Date: 30th September & 1st October 2024 Venue: Kuala Lumpur Convention Centre The The Institute of Internal Auditors (IIA) Malaysia NC 2024 is thoughtfully crafted to comprehensively understand the latest trends, technologies, and strategies shaping the auditing domain. With a profound focus on Environmental, Social, and Governance (ESG) standards, Cybersecurity, Technology/ AI integration, and Fraud detection, this event will delve into the transformative role of auditing in upholding corporate integrity, sustainability, and resilience. Key Highlights: 1. ESG Integration: Explore the integration of ESG principles into auditing practices and its impact on organisational sustainability. 2. Cybersecurity Resilience: Delve into strategies for bolstering cybersecurity measures within auditing frameworks to mitigate digital risks effectively. 3. Technology/AI Advancements: Gain insights into leveraging technological innovations and Artificial Intelligence (AI) to enhance audit efficiency and effectiveness. 4. Fraud Prevention and Detection: Learn best practices and methodologies for detecting and preventing fraudulent activities through advanced auditing techniques. For more details and registration please visit https://lnkd.in/dCjyYrpp Terms and conditions apply.

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Below are the main risks that I have faced as Chief Audit Executive of a public company, and recommendations of how they should be managed. If they are not addressed adequately they may impair independence or objectivity of the internal audit department. I expect you find it useful in running your internal audit department.

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Having scanned though The IIA's newly published "Vision 2035" document (it's over 50 pages), I was struck by four key takeaways for myself ... 1. What is being said now is what has been said about the profession before (but I do grant that the pace of needed change will only continue to accelerate). 2. I was left with the conclusion that all the things being said IS TRUE IN 2024, and not in the lead up to 2035. 3. Are we, as a global profession, ever going to stop playing catch-up to where we need to be in the present moment? We always seem to be playing catch-up to where we need to be. 4. Are we, as a global profession, ever going to stop being harder on ourselves than our stakeholders are on us? (It's not a bad thing to expect more from yourself than others expect of you, as long as you don't obsess about it.) I need to read it more closely, and I look forward to the free webinar on the topic The IIA is holding later this month, but my initial reaction is a bit of a "so what?"

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"E-Faktur Guideline Version 4.0 - 18 July 2024 Edition" On 18 July 2024, the Directorate General of Taxes (DJP) released the latest version of the E-Faktur guidelines, known as E-Faktur Guideline Version 4.0. This update includes significant adjustments and enhancements to facilitate taxpayers in reporting and managing electronic invoices. One of the main changes is the enhancement of automation features within the E-Faktur system, allowing better integration with various accounting and ERP software used by companies. Additionally, security enhancements have been a primary focus in this latest version, with the addition of stronger encryption and authentication layers to protect taxpayers' sensitive data. Version 4.0 also introduces several functional updates designed to improve efficiency and accuracy in tax reporting processes. New features include easier invoice correction and cancellation capabilities, as well as better integration with other tax administration systems. Moreover, the DJP has provided a more comprehensive and user-friendly guide to help taxpayers understand and utilize these new features. With these updates, it is expected that taxpayers can more efficiently fulfill their tax obligations and enhance compliance with existing tax regulations. For further information, please contact: RDJ Advisory Tax and Advocate Tax, Transfer Pricing, and Legal Services www.rdj-advisory.com #RDJAdvisory #TaxandAdvocate #EFaktur #DJP

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Domain IV – Internal Audit Practitioner (IAP) by the IIA 1: What is a relevant, sufficient and reliable information? 2: What are the risk implications and relevant controls of common business processes? 3: Describe computerized audit tools and techniques (CAATs) 4: Identify appropriate analytical approaches and process mapping techniques 5: Identify appropriate sampling (random, judgment, discovery etc.) and statistical analysis techniques. Refer to video for details and much more interesting aspects while we cover the Domain IV of the IAP.

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Norman Marks writes thoughtfully about risk management from the perspective of an enlightened risk management and internal audit expert. Personally, I think organizations whose approach to risk management and risk taking depends fundamentally on IA raising the alarm in its assurance process (for instance, on the items in green in the "fan" below) are already far behind the eight ball. Nevertheless, I think his comments here and elsewhere in his blog are required reading for: 1. Audit professionals interested in risk, and risk professionals working alongside IA 2. Risk-enlightened business leaders who are successfully incorporating risk thinking in decisionmaking and oversight in large parts of their business, but struggling to get traction in pockets 3. Board members and other stakeholders frustrated with slow uptake of thoughtful risk approaches and wondering how to overcome organizational resistance.

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According to AuditBoard's Internal Audit's Expanding Role - The Foundation for Connected Risk research report, 15–20% of survey respondents' time is allocated to advisory-type services. According to The Institute of Internal Auditors Inc. and Internal Audit Foundation Vision 2035 report, survey respondents stated the ideal future balance between advisory and assurance services is 40% to 60%, respectively. And even yesterday at AuditBoard's Connected Risk Summit in Toronto, Richard Chambers proposed that generative AI might eventually replace a substantial portion of assurance work, leaving Internal Audit to primarily focus on advisory services in the future. For those looking to adopt this trend in the near future, here's a framework highlighting the types of assurance and advisory services Internal Audit can provide. This framework is based on your organization's awareness of the risk in focus, and the maturity of its related processes. - If a key risk is known and processes already exist to manage it, Internal Audit can audit those processes. - If a key risk is known and processes are being established to manage it, Internal Audit can provide assurance that the processes will be designed to manage the risk as intended. - If a key risk is known and relevant but there are no plans to manage it, Internal Audit can advise and help establish governance processes if needed. This includes advising on and documenting a pilot program and roles and responsibilities, as well as monitoring and reporting on the performance of the pilot program. - If a risk could be key, and it is unknown to the company, Internal Audit can research, create awareness of, and understand if the risk could have significant impact on the companies success through interviews with key personnel internal and external to the company. Research reports included in the comments below. AuditBoard #InternalAudit #EnablingPositiveChange

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Internal Audit Practitioner (IAP) - Domain II Q1: What are the fundamental concepts of risk and the effectiveness of risk management within processes and functions?  Q2: What are the internal control concepts and types of controls? Q3: What are the globally accepted internal control frameworks? Q4: What are the fraud risks, types of frauds, the potential for occurrence of fraud (i.e. red flags, etc.)? Q5: How to determine whether fraud risks require special consideration when conducting an engagement? https://lnkd.in/dink6HSk

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The recent release of The Institute of Internal Auditors Inc. "Vision 2035" report has reignited concerns about internal audit's image. In fact, a stunning 48% of survey respondents said internal audit was viewed as "police" in their organizations. I have written on this topic many times over the years including the attached article. The bottom line: we are responsible for most of our image issues! https://lnkd.in/ggHHx9Yc

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IIA Standards Roadmap: 6 Practical Tips to Elevate Your Audit Function Over the past four months, my colleague Vi Tran, CPA, CIA and I interviewed over 20 Internal Audit Leaders and held three separate roundtables to discuss approaches and perspectives on conforming to the The Institute of Internal Auditors Inc. new global internal audit standards. Based on our conversations, six areas and activities emerged that internal audit teams are focusing on. These areas are not only helping them conform to the new standards, but also elevating their internal audit function. 1. Perform an initial gap assessment to the new Standards. 2. Create and document internal audit’s strategy. 3. Strengthen the internal audit planning process. 4. Strategically leverage other assurance providers. 5. Expand internal audit team skills and competencies. 6. Modernize internal audit performance monitoring. For those on your conformance journey, I am proud to share AuditBoard’s new Ebook: "IIA Standards Roadmap: 6 Practical Tips to Elevate Your Audit Function." This 16-page guide, co-authored by Vi and me, aims to help Internal Audit teams with their conformance journeys with guidance and perspectives on how their peers are enhancing their internal audit performance. Thank you to Fred Friedel and Jon Taber, CPA, CIA, CFE, CFF for your involvement, and a special thank you to Erin Sweeney, Joy Shi and Vi Tran, CPA, CIA for your collaboration creating this comprehensive, instructional, how-to guide. You can download the Ebook from the link in the comments below. AuditBoard #InternalAudit #EnablingPositiveChange

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The most successful engagements start with a well defined objective from which the scope is determined. Advisory, Assurance, Compliance, Fraud engagements have greatly different objectives, and therefore scope. Love the quote at end that so eloquently drives this message and reminds us to carry a backpack fitted for our goal. Thanks Francis Milambo FZICA, CA (ZM) MSc Risk Management , BBAA, CISA, CFE, CIA #auditscope #IIA #auditofthefuture

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Internal Audit’s toolbox is expanding. If a key risk is known and processes already exist to manage it, Internal Audit can audit those processes. If a key risk is known and processes are being established to manage it, Internal Audit can provide assurance that the processes will be designed to manage the risk as intended. If a key risk is known and relevant but there are no plans to manage it, Internal Audit can advise and help establish governance processes if needed. This includes advising on and documenting a pilot program and roles and responsibilities, as well as monitoring and reporting on the performance of the pilot program. If a risk could be key, and it is unknown to the company, Internal Audit can research, create awareness of, and understand if the risk could have significant impact on the companies success through interviews with key personnel internal and external to the company. Internal Audit leaders who aim to lead more risk-focused Internal Audit teams will find themselves more frequently re-assessing their internal audit plan and specifically how their resources can be allocated across the different types of assurance and advisory services described above. And they will also find themselves more actively communicating and validating how their resources are allocated with their functional and administrative managers. AuditBoard #InternalAudit #EnablingPositiveChange

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🌟 SSAE No. 23: Aligning Attestation Standards with AICPA Quality Management 🌟 In June 2024, the Auditing Standards Board issued SSAE No. 23 to amend attestation standards to be consistent with the AICPA's standards on quality management. This important update modifies several existing standards: SSAE No. 18: Clarification and Recodification, AT-C section 105 SSAE No. 19: Agreed-Upon Procedures Engagements, AT-C section 215 SSAE No. 21: Direct Examination Engagements, AT-C section 205 SSAE No. 22: Review Engagements, AT-C section 210 🛠️ Key Changes Introduced 🛠️ New Terminology: The term “other practitioner” is replaced by “participating practitioner” and “referred-to practitioner,” clarifying their roles and responsibilities. Quality Management Standards: These alignments ensure that the attestation engagements adhere to the updated AICPA quality management standards, enhancing the consistency and reliability of the engagements. 📅 Effective Date 📅 SSAE No. 23, along with the quality management standards, will be effective for engagements performed on or after December 15, 2025. 🔍 Detailed Amendments 🔍 1. SSAE No. 18, AT-C Section 105: Emphasizes the responsibility of firms to establish and maintain a system of quality management. Clarifies the relationship between attestation standards and quality management standards. 2. SSAE No. 19, AT-C Section 215: Updates documentation requirements, including the need for timely preparation of engagement documentation. Specifies that procedures should be performed by the engagement team, including participating practitioners. 3. SSAE No. 21, AT-C Section 205: Revises requirements for using the work of a practitioner’s specialist and internal auditors. Details the documentation needed to support the practitioner’s findings and conclusions. 4. SSAE No. 22, AT-C Section 210: Includes new requirements for engagement documentation and quality reviews. Emphasizes the importance of planning and performing engagements with adequate supervision and review. 📌 Conclusion 📌 SSAE No. 23 ensures that the attestation standards are up-to-date with the latest AICPA quality management guidelines. This alignment not only enhances the quality and consistency of attestation engagements but also provides clear guidance on the roles and responsibilities of practitioners. For more detailed information and specific amendments, refer to the full SSAE No. 23 document in the link in the comment below. #itgrc #itgrcadvisory #bwadvisory #akademiaitgrc #qualitymanagement #attestationstandards #AICPA #audit

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This presentation examines documentation failures in prominent audit cases, highlighting violations of SA 230 and other relevant auditing standards. We will explore key documentation gaps that have compromised the reliability and effectiveness of audit processes. By analyzing these failures, we aim to identify critical areas for improvement and propose remedial measures to enhance audit quality and compliance.

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This white paper from the IIA is a good document for data analytics that all internal auditors should use.

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Insights: Audit Practice — Performance Audit Process This edition is intended for officials within government entities responsible for governance, internal audit or a government activity that may be the subject of an ANAO performance audit. Read the insight here: https://lnkd.in/g2xTMceZ

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The Institute of Internal Auditors (IIA) recently released the 3rd edition of its practice guide on Internal Auditing and Fraud. This guide emphasizes the importance of clarity in roles and responsibilities in deterring fraud, followed by identifying and taking corrective measures, at all levels of an organization. By ensuring an effective governance system, organizations can mitigate risks, strengthen controls, and ultimately achieve their objectives. Let's explore the guidance provided in this guide and continue our journey towards effective fraud risk management. Happy learning! https://lnkd.in/gDaBGjut #TheIIA #InternalAudit #Fraud #Governance #RiskManagement #Control #COSO

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Internal Controls and Governance 2024 The Internal Controls and Governance 2024 report was prepared by the Audit Office of New South Wales, under the authority of the Auditor-General for UNSW-The University of New South Wales, Bola Oyetunji GAICD . Executive Summary: The Internal Controls and Governance 2024 report, published by the New South Wales Audit Office, assesses the #internalcontrols, #governance, and #riskmanagement practices of 26 major public sector agencies in New South Wales. It highlights significant findings from #financialaudits conducted during the 2023–24 period, focusing on key areas such as #informationtechnology (IT) controls, #cybersecurity, #fraud and #corruptioncontrol, and the #management of #gifts and #benefits. The report identifies 121 internal control deficiencies, including four high-risk findings related to #ITsecurity and governance. Key issues include ineffective user access management, gaps in fraud and corruption frameworks, and poor adherence to #cybersecuritystandards. The report also emphasizes the need for agencies to address repeat deficiencies and strengthen internal controls to mitigate #risks. Recommendations are made for enhancing #ITgovernance, improving #fraudcontrolmeasures, and ensuring #compliance with #legislative frameworks.

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