Accounting students gathered for a day to hone their skills to become internal auditors at Internal Audit Workshop. The workshop was held on 23 October 2019 at UTAR Sungai Long Campus. The one-day workshop gathered accounting students from various universities in Malaysia, namely Universiti Malaya (UM), Universiti Kebangsaan Malaysia (UKM), Universiti Teknologi Malaysia (UTM), Asia Pacific University (APU), Universiti Kuala Lumpur (UniKL) and Tunku Abdul Rahman University College (TAR UC).
Aimed at educating tertiary students, UTAR Faculty of Accountancy and Management (FAM) took the initiative to conduct the workshop. It was organised in collaboration with The Institute of Internal Auditors Malaysia (IIA Malaysia) in line with its commitment to the development and advancement of the internal auditor profession in Malaysia.
Present at the opening ceremony were Vice President of IIA Malaysia Norchahya Ahmad, UTAR Vice President for Student Development and Alumni Relations Prof Dr Choong Chee Keong, Dean of FAM Dr Sia Bee Chuan, speakers, sponsors, participants and staff.
In align with the theme of the workshop, ‘Transforming the role of Internal Auditors in the era of Artificial Intelligence (AI)’, Prof Choong reminded the students to be aware of the presence of AI at workplace, “It is important that students know how to accept AI as part of the changing scenario of work and learn how to adapt and merge their job functions with AI. For those seeking to go into auditing, you need to be comfortable with technologies and use it to complement your work to expedite processes and minimise errors. You need to move from traditional roles to a more dynamic one in a global arena.”
Speaking at the workshop, Norchahya Ahmad said, “This is the fifth year for IIA Malaysia to collaborate with universities. More than 800 students had been exposed to the internal audit profession through the Internal Audit Workshop.” She also shared her career background working in fields such as accounting and risk management and also working as an internal auditor.
“You have to be objective and independent. You must have a strong character, independent and cannot be persuaded by the management. Ethics also play a major role. Internal audit provides assurance to assessing the effectiveness of governance, risk management and control processes. It is designed to help organisation achieve its strategic, operational and compliance objectives,” Norchahya Ahmad explained.
Prof Choong (left) and Norchahya Ahmad both urging students to take up the certified Internal Auditor certification programme
According to the organising committee, the significant element of the Internal Audit Workshop is to create awareness among students on the role of internal auditors in the era of AI. While technological advances may result in job losses, the decreasing numbers can be mitigated by the creation of new roles to fully embrace technology in workplaces. As such, new skills are critical. Internal auditors need to be confident with technology and develop business acumen outside of the traditional responsibilities.
The workshop also witnessed a sharing session where internal audit practitioners from the industry shared the roles and responsibilities of internal auditing in governance, risk and control, the latest development in the internal audit profession and other aspects of the profession. Students had the opportunity to put their knowledge and skills to test during the practical sessions with case studies.
Ernst & Young Advisory Services Manager Lau Jing Mei (left) explaining how AI affects businesses while Asia Pacific University Centre of Excellence Accounting & Finance Chairperson Geetha Rubasundram looks on
“In layman term, AI can be defined as the way machines simulate human behaviour and take actions on behalf of humans. AI is present everywhere; in smart traffic light that determines the duration based on the traffic, music streaming that suggests songs you may like, smartphones and many more. With the capability, it caters the specific needs of each individual instead of providing one solution that fits all,” said Lau Jing Mei. In relation to business world, she also shared how AI increases productivity, improves marketing effectiveness and eases transactions.
IIA Malaysia Commercial Head Geetha Kanny provided an insight into IIA Malaysia and Certified Internal Auditor (CIA) Certification
YYC Head of Internal Audit Christine Looi shared her life journey of becoming an internal auditor. “You must be able to talk to people, from the highest rank of the top management to the contractors and janitors that work in the organisation. This is because you need to gather information from every possible source,” said Christine Looi. She also listed the characteristics needed to be an internal auditor, namely inquisitive, ethical, able to commit and competence.
Christine Looi reminded students to pay attention to small things including body odour that could bring a big impact to their career
Participants interacting through questions and quizzes
“Long nights, tight deadlines, working seven days a week were the summary of the first five years of my career as an external auditor. You need to train and work hard to be good – it was my experience that brought me to where I am now. Then I asked myself if I wanted to be an external auditor for the rest of my life,” said NGL Tricor Governance Sdn Bhd Managing Director Chang Ming Chew as he recalled the early days of his career before switching to internal auditing. “Working as an internal auditor did not mean that I was less busy. The positives managed to outweigh the negative. Helping clients to meet their requirements keeps me excited at work,” he added.
FAM Academic Development and Undergraduate Programmes Deputy Dean Dr Hen Kai Wah (left) presenting a token of appreciation to Chang
Other speakers sharing their knowledge and experience (clockwise, from top left): Crowe Governance Sdn Bhd Executive Director of Risk Advisory Amos Law, Audit Manager of Salihin Group Hazamre bin Hassan and Axcelasia Inc Managing Director Derek Lee
Practical sessions with case studies
“We would like to thank all the sponsors, speakers and students that joined us today. We are also grateful for the opportunity to collaborate with IIA Malaysia which works hard for the development and advancement of internal auditor profession in Malaysia. This seminar is rewarding as it identifies the challenges in AI, cloud computing, big data, concern and security, data hacking and more,” said Dr Sia during her closing remarks.
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