Internal auditors urged to be tech, big data savvy

KUALA LUMPUR: In view of the increasing skill gap in the tech area, The Institute of Internal Auditors Malaysia (IIA Malaysia) has urged internal auditors to be tech savvy and analytical in managing big data, in order to keep up with the evolving business environment.
“With technology reinventing business practices every day, there is an urgent need to address the increasing skills gap in the internal audit profession and preparing them for the tech-driven business environment. Massive strides in technological advancements now lead us to Artificial Intelligence (AI) and cryptocurrency (Bitcoin), how else will the internal audit function stay relevant, progressive and competitive?” IIA Malaysia president Hazimi Kassim said in a statement issued after its 2017 National Conference today.
He said in order to stay relevant and add value, internal auditors will have to be be tech-savvy and analytical to manage big data as well as technological “curveballs”. This in turn will increase the probability of providing high-value insight to the organisation and clients.
Internal auditors will also need to equip themselves with knowledge and new skills, such as business acumen, ability to connect the dots, emotional intelligence, data analytics, relationship management, communication skills, and so much more to audit in this new reality.
IIA Malaysia also launched the updated Guidance for an effective Internal Audit Function (GIAF) at the conference, with the aim to provide a clear and standardised direction for the audit committees and boards of public listed companies and other corporations in Malaysia.
“As technology is woven strategically into every aspect of the competitive global business environment, it has opened new opportunities to drive business, as well as the emergence of risks. As such, we believe that the updated GIAF will set the stage for heightened knowledge on internal audit practices, hence educate audit committees and boards, and facilitate the improvement of oversight of internal audit functions,” added Hazimi.