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 government