White Collar Fraud Drives Internal Audit Demand

Ranjit Singh, President, Institute of Internal Auditors Malaysia, answers on the following points: - Internal Auditors (IA) heretofore almost a backroom function - but no longer - as evidenced by your PR blitz - impetus to the PR blitz - BUT NOT mandatory internal audit function for all private companies? Nor Pre-IPO- Arguments for and against outsourced internal audit practice - Qualified talent - shortage of - implications of ommission - Getting the right people - worst case: not provide value - miss the fraud - planning process - must be able to capture - reputation damage - All listed companies must now disclose their IA fee .. - Efficacy of IA - Concern that IA going through crisis - ambiguity of their role- Internal audit as one of the four cornerstones of corporate governance - Ambiguity of roles and authorities - possibility for role conflicts to take place- IA influence - audit charter, a strong audit committee, a strong professional association, or policies - legislation - arguments for and against - No legal suits against IAs -- until Silver Bird - implications - Securities Commission (SC) deputy chief executive Datuk Nik Ramlah Mahmood suggesting a flexible framework - White Collar fraud - entry of Dato Paul Low to the governmentSee omnystudio.com/listener for privacy information.