The Institute of Internal Auditor’s ACIIA – IIA India International Summit 2023 was recently held on the 17th and 18th of March in New Delhi, and it was an honor to be invited. This summit is one of the largest platforms for global business leaders to come together, and it provided a platform for thought leaders, audit committee members, independent directors, CFOs, CROs, CAEs, CISOs, and Internal Auditors/Risk professionals to connect, learn, innovate, and collaborate on the changing role of internal auditors and risk management professionals in these rapidly evolving times.
The summit had a prominent line-up of Indian and international luminaries, and it aimed at discussing and debating ideas and actions for the future of audit and governance under the theme “Internal Audit 2025: Trends & Innovation”.
Our Partner & Practice Development Leader, Karan Gupta, was among the speakers and presented on the topic “Reimagining Internal Audits: Integrated, Solution Driven and Proactive” which was very well-received and highly appreciated by the attendees. Karan’s presentation explored new ways of conducting internal audits in the current business landscape, which is increasingly complex and dynamic. The focus was on the need to move beyond traditional audit techniques and embrace technology-driven solutions to enhance the efficiency and effectiveness of internal audits.
He emphasized that most financial jobs would go obsolete in the near future, thanks to the growing demand for automation. Therefore, to reimagine internal audits, auditors must leverage the power of data analytics, artificial intelligence, and machine learning, to gain insights into the organization’s performance and identify areas where improvement is needed. This, in turn, can help the organization enhance its overall performance and reduce risk exposure with real-time auditing through live dashboards and MIS reporting.
Moreover, he also emphasized the need for internal auditors to be more proactive and solution-driven. They must work closely with other stakeholders, such as risk management professionals, to identify and mitigate risks effectively. By unlocking the power of solution-driven analysis, auditors can gain a deeper understanding of the organization’s risk profile and identify opportunities to improve it.
Our Director of Cybersecurity, Arjun Bhaskaran, was also at the summit as a panel member in the discussion on “Cybersecurity & IT Auditing.” The panel discussion aimed to explore the upcoming Cyberthreats and how IT Auditing can help face them. Arjun shared his insights and expertise on the subject, highlighting the need for organizations to adopt a proactive and holistic approach to cybersecurity to mitigate risks effectively. He highlighted the importance of having a robust cybersecurity framework and how IT auditors play a crucial role in ensuring the organization’s cybersecurity readiness.
The summit was a roaring success and an excellent platform for thought leaders and business professionals to come together and discuss the future of internal audits and governance. Everyone was impressed and showed appreciation towards our resources, presentations, and solutions such as:
Fixed Asset Management Solution
Budgeting and MIS Reports Automation
Data Analytics & Automation
Cyber Security
With the changing business landscape, it is imperative that internal auditors embrace technology-driven solutions and collaborate more effectively with other stakeholders to enhance their organization’s performance and reduce risk exposure.
