PUBLIC SECTOR – MIA and IIAM Conference 2022
PUBLIC SECTOR – MIA and IIAM Conference 2022
25 AUG 2022, Thursday (9.00am – 6.00pm)
Connexion Conference @ The Vertical, Bangsar, Kuala Lumpur
Assuring Consulting Sdn. Bhd. is pleased to announce that we recently formed an alliance with MIA (Malaysia Institute of Accountants) and The Institute of Internal Auditors Malaysia as Gold Sponsor of (Public Sector Internal Audit Conference 2022: Accountability, Equity, and Intergrity (Physical Conference).
A one-day event connecting all Public Sector Internal Auditors/ Compliance Officers with company goals, charting a course forward, and implementing initiatives to satisfy present and future expectations.
The Conference were also delved into how digital technology and ESG principles can be integrated to drive greater automation and effectiveness in the internal audit function, which in turn will assist internal auditors in monitoring if public organisations are meeting their legal and ethical commitments to their constituents and acting with accountability, equity, and integrity.
These are some of the key-take-away points that we brought for you :
- Special Address. - Mr Wee Hock Kee
- Auditors in public sector are gatekeeper to the public sources.
- Good governance is becoming increasingly critical in the public sector as stakeholders demand greater accountability and transparency for public funds.
- Cybersecurity risk and data integrity: Protecting the Public Data. – Pn Ida Rajemee Ramlee
- Personal data – personal information (name, home address, date of birth, location, any information link to medical, education, financial, employment data etc.)
- Public data – information in public domain
- Nowadays most of transaction can be done online, potential of cyber-crime increased.
- Even personal data been track daily – i.e. Smart Watch (message, call, heart rate, location etc.)
- Some public sector authorities still using old method, technologies, system, lack of equipment and tools.
- In Public Sector - Internal Auditors to understand, able to find solution and manage risk related to cyber security.
- INFO: Public Sector data ae not allowed in public cloud (i.e.: google drive).
- Law on data privacy: Personal Data Protection Act 2010, International Standard ISO/IEC 27701.
- Internal Audit to add value – risk assessment, review policy, training, continuous monitoring.
- Governance in Public Sector: Protecting the Public Funds. – Panel (Sanjay Sidhu (moderator), Krishman Varges, Nurul A’in Abdul Latif, Gladys Lim, Sujatha Sekhar Naik)
- To strengthen IA procedures and increase accountability so that it can be improve public sector performance and reporting for good governance in the public interest.
- Public sector financial pressure by scandal/issue, economic after pandemic and public perception. Internal auditors need to be transparent, governance and accountability on any finding. IA Need to focus on correction and efficiency effectiveness.
- IA Public sector hold public trust preserved. Government as the key and IA public sector need a wider lens. Independence of IA public sector can still be uncertain.
- IA public sector need to show integrity and practice the best practices because people easily can access and see what ever happen. High level of transparency and demonstrates efficiency in Government.
- ESG and public procurement policy – achieving the net zero target by 2050. – Panel (Norhisham Abd Bahrin (moderator), Arina Kok, Kamarul Baharin, Raymond Gabriel)
- Sustainable Procurement is the incorporation of Environmental, Social and Governance (ESG) principles into procurement processes and policies, ensuring that business with suppliers is conducted in a manner that aligns with corporate social responsibility (CSR) strategies.
- The 12th Malaysian Plan (12MP) aims to achieve 25% green public procurement by 2025. These include the reduction of greenhouse gas emissions and a feasibility study on carbon pricing.
- Internal audit has a pivotal role to play in driving organizational value related to these issues.
- Embracing green procurement strategies are also likely to result in short term cost increase during the transition.
- ICT as a service by Public Sectors: Auditing the efficacy and efficiency of online services through data driven digitalization. – Pn Jamiah Amin
- The use of information and communication technology (ICT) in the public sector has increased, bringing about related performance and security concerns.
- Auditors’ DNA (standard requirement) - The auditor is responsible for planning and implementing an audit approach that is appropriate to the risk identified – ISSAI 2330 (The auditor’s responses to assessed risks), and The auditor need to assess whether information obtained from risk assessment procedures and related activities whether there is a significant risk of material misstatement due to fraud – ISSAI 2240 (The auditor’s responsibilities relating to fraud in an audit of financial statements).
- Global economic crime and fraud survey 2022 by PWC, show that main perpetrator of the most disruptive or serious fraud experience found rising threats are from external perpetrators. Digital platforms such as social media, online services, e-commerce opened doors to external fraudster and economic crime risk.
- Auditing Corporate Communication: PR disasters and better managing public perception. – Tuan Haji Roslan Abu Bakar
- Corporate communication is a key tool in allowing effective and timely distribution of information between staff, public and stakeholders.
- Communication audits allow company to assess and evaluate the quality of information communicated internally and externally.
- PR disaster is when any negative event or review related to your business gains traction in the public sphere. It could be related to an unhealthy business practice, a customer accident at your location, or an internal, employee-related issue. Example Coke vs Ronaldo – impact $4billion drop in market value for the brand
- Internal audit play important role in keeping a business resilient by having clear understanding of the impact, anticipating the severity, display agility and transforming to adapt variances.
- Internal auditor can add value by understanding key lessons of the previous crisis and check whether it have been addressed in crisis management system.
- Internal audit competencies and upskilling: new taudit approach in remote auditing environment – Monnie Goh
- Pandemic Covid-19 effect – Economy slows down, we will travel again but it will be difference, office will be re-inverted, people seeking job, and more on online and contactless.
- Remote audits use information and communication technologies (ICT) to gather, store, retrieve process, analyse, and transmit information (ISO 19011,2018)
- Audit process need to be reengineering. The use of technologies advances include cloud storage, smart devices, teleconferencing, and secure data sharing platform. Public sector internal audit should be able to upgrade into remote audit process by properly planning, finding way on how to review documentations, make use of ICT to site visit or remote interview and closing meeting and lastly on how to ensure audit report properly distribute to all stakeholders.
- Some key success factors
- Management commitment and involvement
- Understanding of complexity of the processes
- Information on the existing controls in place
- Layout and process of pre-audit requirement
- Communication protocol to be established
- Audit process to be elaborated
- Employee engagement
For more info, kindly speak to our representative:
Email : firstname.lastname@example.org
Mobile : 03-3855 0225
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