Program on Future Proofing IA Profession Catalyst for Innovation Resilience and Growth

12th and 13th September, WIRC organised 2 days program on Internal Audit .

The program began with  inaugurated session by CA Nandita Parekh with key address Kal-aaj aur kal of IA. She  shared her perspective about Internal Audit . Also she shared her  journey of Internal Audit .The key learnings were : once Internal Auditor means life time Internal Auditor . Understand Business, Process, people, culture . To be an good Internal auditor, be Curious and Curious. Use Use Pictorial Presentation, Stories. IA is continuous unlike seasonal audit . Read Books, share knowledge and do conversation. Move out of Accounts. She explained importance of Mentor . Questions are same but Answers are different. The future is know your ‘’Direction and purpose ‘’.Audit plan should be dynamic. She mentioned reference of vision 2035 of Internal Audit Foundation . Be specialized rather than generalized practitioner.  Prepare personality for Internal Auditor. Be IA by soul and not by elimination. Be in love with IA.

CA Milan Mody has talked about reskilling and staying relevant in the digital world. He imparted knowledge about Dashboard reporting , predictive analysis, sharing insights with management. Go to the basic root to understand business and process well. He shared few software names like teammate, auditboard. He explained Importance of Data Analytics, cyber security, story telling,automation literacy. Need of team comprising of multi skills.

Panel discussion on current trends as regards emerging risks-Role of IA in Risk management and promoting risk culture. Panelist CA Satish Shenoy, Mr.Bhaskar Subramaniam, and CA bharat Ramani shared their perspectives . Insightful discussion about strategic risk, financial risk, operational risks, process risks and compliance risks.  Discussed about co sourcing and guest auditor . The business of Auditor is Process Audit. Learn and understand business. Regularly meet and speak to people . In one word, IA is about Value Addition. The session was moderated by CA Parul shah .

CA Shashank Karnad shared his knowledge about strengthening defenses-IA & Fraud risk  detection . He explained various behavior analysis. Do profiling. Explained about Data analysis, third party risk management. Help companies in Implementation rather than just providing report to company.

CA Parag Mehta shared his knowledge about role of IA in developing and implementation of ESG . He explained that ESG is future . It is about ton at the top. He explained about role of IA in customer relationship, regulatory requirement, important factor for Investor, Internal Audit in ESG, Risk for non compliance , Impact of ESG in IA, Role of IA in reporting and implementation, opportunities in ESG, readiness of Indian companies for ESG disclosures ,ESG framework-way forward ,guidelines for companies on sustainability reporting  . ESG is the journey.

CA Narsimhan elangovan shared his knowledge about Artificial Intelligence (AI) and Technology tools in IA. He practically demonstrated use of generative AI and traditional AI, how to make App for Internal auditor, Data analyst, Dashboard, control matrix builder, transaction analysis, Documentation automation, clustering of data .

Panel discussion on current trends in corporate governance and role of IA. Panelist CA Bhavesh Vora and CA Samir Sanghavi shared his knowledge and experience. They explained that IA is IA other than financials. It is about Honesty and principles, integrity.  IA is about top down approach , value creation, Management inclusion (and not management by exception) , Data Analytics .  The session was moderated by CA Ravneet Kaur.

CA Akhilesh Thakur shared is practical experience about Value Addition through Internal Audit . He explained definition of IA , purpose of IA , Meaning of Value Addition, Roadmap for value addition, around 13 practical case studies from different industries along with scope, observation and solution.  

Thank program was attended by participants from Industry and advisory firms.

Western India Regional Council (WIRC) of the ICAI Nandita Parekh Milan Mody Satish Shenoy Bharat Ramani CA Parul Shah CA Shashank Karnad Parag Mehta Narasimhan Elangovan Samir Sanghvi Akhilesh Thakur CA Ketan Saiya Jeenal Sangoi Savla Chetan Thakkar CA CIA CRM CFM DISA ISB IIMA CBS HBS

Internal Audit WIRC