(MENAFN- The Peninsula) The Peninsula
Doha: Internal Auditors group IIA recently hosted a webinar on how technology would make the internal auditors more agile.
“The business landscape has changed. Has Robotics Process Automation (RPA) been effectively used by internal auditors? RPA's coupled with Data Analytics help internal auditors to gain comfort on the entire population. RPA's also help the auditors to leave the mundane and administrative tasks to the BOTs and thus focus as strategic advisors to the company,” said Giridhar LS, who presented a session titled 'How can the internal auditor's response be more agile in a changing landscape.'
Giridhar LS is the Chief Executive officer of Robotech Solutions, located in Dubai, UAE. He delivered a presentation to increase awareness of the new technologies that can help make the internal auditors more agile
According to the Risk in Focus 2021, published by a consortium of institutes of internal auditors, Cybersecurity and data security, Regulatory Change and Compliance, Digitalisation, New Technology, and AI have been identified as the top three risks for today and five years later.
“It is essential for the auditors to equip themselves and to participate in the digitalisation process so that the same can be factored into their audit strategy. This may involve outsourcing innovation experts in the beginning and gradually upskilling the existing internal audit team to leverage the use of technology fully,” stated Giridhar.
The presentation covered the entire gamut of use of data analytics for risk assessment, control testing, and repeatability concerning challenges internal auditors would face, such as developing appropriate models, acquiring the right skills on analytics, and the right tools and technologies. Auditors would also face challenges from the data side, including data bias, predictability, and lack of integration. However, moving over to analytics from traditional methods is a definite advantage.
“The entire presentation was interactive with online responses to different technology aspects impacting the internal audit. The participants learned how to reflect on changing scenarios, how well they are equipped as individuals, and about the stage of maturity of their respective organisations. Giridhar showcased some of the internal audit possibilities through demonstrations that the members received well. He mentioned using the right technology and consultants to achieve the desired Return on Investment,” Sundaresan Rajeswar, the IIA Board member who coordinated the event, stated.
Girish Jain, the Seminar chair, welcomed the gathering and handled the Q&A session, and Aisha Rafique was the liaison with the speaker. Over 100 members attended the event.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.