The theme of the IIA Bombay Chapter conference is to focus on these challenges. Future of IA is not visioning a document for action, but to “act now” and “act fast”
The theme therefore focuses on three pillars.
Anticipate
Anticipate new and emerging risks and help business in understanding risks and develop a Mitigation plan. This step helps transform Internal Audit from being a fence sitter focusing on what went wrong to a proactive function that helps businesses to foresee what could go wrong, and what should be done to mitigate before it happens. The conference would focus on risk anticipation and Risk Mitigation and linking them with Internal Audit’s role, helping the function keep pace with and get ahead of emerging risks.
Adapt
Fast changing business landscape, disruptive technologies, Manufacturing 4.0, Fraud Risks, Environmental Social Governance, Regulatory Changes, Pressure to perform – Market Capitalization, Start-up eco-system etc. have made IA role quite complex. It is now impossible to owe allegiance to time-tested Audit Principles and not adopt modern techniques. Three lines of defense models might give us a shield against anything going wrong, but can we continue to remain in our comfort zones. Time has come to adapt to newer principles, break traditional barriers and work on approaches that adapt to modern day business needs. Our Conference aims to look at some of these approaches to help IA teams adapt to what is required to meet stake-holder expectations.
Assure
Assurance continues and remains the core role of Internal Audit function. Yet the range of activities, issues, and risks to be assured should be far broader and more real-time than they have been in the past. Equally, Internal Audit must not be the limit. It must encompass programs and approaches which meets growing stakeholder demands through innovation and usage of technology.
IIA Conference – Bombay Chapter aims to link these three pillars to the following Areas
Anticipate Adapt Assure
• Governance ,
• Risk Management
• Risk Mitigation,
• Risk Appetite People
• Upskilling IA teams in skills –
o Domain Specific risks,
o Data Analytics,
o Cyber Risks
o Fraud risks
• Soft Skills
Process
• Develop tools and techniques which can help pick up audit issues quickly – eye for detail
• Develop methodologies for implementing GRC framework
Technology
• Adapt new technologies – Robotics, ChatGPT and many others to help build superior Audit Skills • Reactive assurance v/s Continuous Assurance in all spheres of Business.