Internal Audit, Underappreciated and Wrongly So

Philip Rao, President, Malaysian Institute of Internal Auditors and a Partner in the global accounting firm Ernst & Young, discusses the under-appreciation of the IA function, implications on costs, fees and depth of audit and the possibility of corporate fraud.

He discusses the outsourced function and the pros and cons thereof. He also discusses Silver Bird Bhd, the movement to impose auditor and corporate liability as well as its underlying pros and cons.

He also talks about private sector and civil service internal audit, and the challenges therein.