Latest news with #InstituteofInternalAuditors
Yahoo
02-08-2025
- Business
- Yahoo
Institute of Internal Auditors CFO on audit quality, setting standards and AI
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. As the finance chief of the Institute of Internal Auditors, Ann Cohen has spent a decade navigating a role and an industry that has grown increasingly complex. From geopolitical risks to ESG expectations and the acceleration of digital transformation, she has watched the role of the CFO evolve alongside the audit function it supports. The IIA, whose members include nearly 200,000 certified internal auditors across 170 countries, sets internal audit standards, provides certifications and offers training and research opportunities for those working in internal audit. In this conversation with Cohen reflects on how audit quality has changed, the growing demands on internal audit teams and how members of her organization are thinking about the role of emerging technologies like agentic AI in the audit function. Cohen also discusses what's kept her around for a decade, why strong internal audit relationships are critical and her perspective on issues shaping the profession — from the 150-hour CPA requirement to the skills and mindsets that define successful finance chiefs. Ann Cohen CFO, Institute of Internal Auditors First CFO position: 2005 Notable previous employers: Woodfield Country Club Bainbridge Companies Taylor Woodrow Developments This interview has been edited for brevity and clarity. ANN COHEN: Life as a CFO has just become so much more complex. The world has changed. Just look at the difference between the pre-pandemic and post-pandemic environments, for example. For my peers and me, factors like geopolitical risk, ESG expectations, new regulations and digital transformation have all added layers of complexity. And they're still evolving. AI is a great example. These emerging risks have made it a much more dynamic and difficult world to operate in. As a result, the audit process itself has become more complicated. We've heard directly from our members, concerns such as 'Our auditors are struggling' or 'Why is this harder than it used to be?' The audit process itself is more difficult now. The way audit has changed — how we work with people, how we access information, how we report — continues to evolve. To be effective, internal auditors now need to understand operations deeply. They need awareness of geopolitical factors, the ability to evaluate evolving risks and a strong grasp of internal controls. That level of insight takes work. It's a major challenge that makes what I do here really interesting. We stay close to our stakeholders — our National Institutes, global network, sponsors and regulators. We're constantly in listening mode: What's going on in your environment? What's shifting geopolitically? What risks are emerging in your region? Through advocacy and direct engagement, we keep a pulse on global developments. That helps us make sure our standards stay current and relevant. We have a chief audit executive who reports to our CEO, which is the standard structure in our profession. It's important they don't report to me as CFO because that could create a conflict; after all, they're auditing areas under my responsibility. That said, we work very closely together. I see our internal audit leader as a strategic partner. We regularly collaborate on identifying risks, evaluating controls and improving our processes. She was actually in my office earlier today to talk about some IT-related topics. We're in constant contact. Transparency and trust are key. You have to be open and honest with one another. When the internal audit function identifies a finding, CFOs must ask questions — what they saw, how they found it, what their thinking was. But it's always from a place of curiosity, not defensiveness. That dynamic only works when both parties trust each other as true strategic partners. Our internal audit function works across the entire organization. So that means not just with me, but with our certification, membership and learning teams too. They provide insights into how operations are running, where control weaknesses might exist, and how risks are shifting. They also work closely with our risk manager to align on strategy. Everyone has their own strategic plan, and internal audit plays a critical role in helping us meet those goals. From a long-term perspective, there's definitely interest in using agentic AI. But right now, things are changing so fast. Everyone is trying to wrap their heads around what it means and how it will evolve. There's risk involved, like with all digital transformation, and the pace of change is dizzying. I read about it every day, and even then, it's hard to keep up. I can tell you that people are asking, 'When will this settle enough that we can implement it in a sustainable way? Where does it make sense for our organization? What will it cost?' Everyone wants to get there, but it's going to take time. There are some valid points on both sides, but the changes' impact will likely not be as noticeable as if public accounting's other major issue were addressed. The one piece we can't ignore is compensation. Aspiring CPAs need to be fairly compensated. When they graduate from college, they should be earning competitive salaries — comparable to other industries that may or may not require less schooling. Whether states keep or drop the 150-hour rule, we have to make accounting a competitive and attractive career path for all, and I think that conversation needs to be geared more towards compensation for those working in entry-level accounting positions. Recommended Reading CPA requirements by state Sign in to access your portfolio
Observer
26-05-2025
- Business
- Observer
OQ forum gathers global experts to advance internal audit in Oman
MUSCAT: Affirming its commitment to transparency, good governance and excellence in institutions, OQ, the global energy group of Oman, organised the Internal Audit Forum in partnership with Institute of Internal Auditors (IIA) Oman and KPMG. Held under the auspices of Shaikh Ghosn bin Hilal al Alawi, Chairman of the State Audit Institution (SAI), the two-day event took place at the JW Marriott Muscat Hotel and attracted over 300 internal audit specialists across Oman's public and private sectors. Shaikh Abdulrahman bin Hamad al Harthy, Chief Internal Audit Officer at OQ Group, said the company marks International Internal Audit Month by hosting a series of important activities and knowledge exchange forums. "OQ continues to invest in in-country talent and collaborate with its international peers to exchange best practices and adhere to international best practices in control, compliance and risk management," he added. Speaking to the Observer, Warren Hersh, IIA Quality Service Director, stated, "The Institute of Internal Auditors (IIA) is the international umbrella organisation cooperating with over 115 national institutes around the world, including Oman," said Hersh. "Essentially each country has an institute and we work closely with them on priority issues such as co-operation, internal audit quality and the setting of worldwide standards. We're also keen to understand how the internal audit profession will change and develop to address future challenges,' he stated. Harris Matin, who is a KPMG Advisory Partner, said, 'We are pleased to assist OQ on this milestone for the internal audit profession in Oman.' He added, "Over the course of these two days, we will seek to engage, cooperate and reflect on our personal experience as we shape the future of internal audit in the Sultanate of Oman. I congratulate OQ on this tremendous achievement in bringing together such a rich basket of talent and we anticipate many more significant joint efforts in the future." Among the top-of-mind issues covered were digital transformation in auditing, geopolitical risk, embedding ESG, cybersecurity and developing integrated assurance frameworks. Attendees discussed global and regional trends, regulatory developments in Oman, highlighting the key role of the internal audit function in enabling sustainable governance and organisational resilience. Sessions highlighted how audit functions can offer greater strategic contributions by innovating, being nimble and collaborating cross-functionally. Delegates included IIA Oman board members, senior officials of the Oman Investment Authority, public and private sector executives; and IIA Global representatives. The forum is an integral part of OQ's broader transformation journey towards infusing accountability, resilience and high performance in all its operations. It also reflects the company's commitment to playing its part in supporting national aspirations for developing a modern, responsible and innovation-driven private sector. The leadership at OQ emphasised the role of internal audit in shaping decision-making and maintaining trust in institutions, referring to it as one of the key drivers of long-term value creation and governance excellence.
Techday NZ
20-05-2025
- Business
- Techday NZ
ISACA launches first advanced AI audit certification for auditors
ISACA has introduced the Advanced in AI Audit (AAIA) certification aimed at experienced auditors working with artificial intelligence in their audit processes. The AAIA is positioned as the first advanced audit-specific certification for artificial intelligence, targeting professionals who hold credentials such as Certified Information Systems Auditor (CISA), Certified Internal Auditor (CIA), or Certified Public Accountant (CPA). The new certification is designed to validate expertise in areas such as AI governance, risk management, operations, and the use of AI auditing tools. According to ISACA, the certification aims to address the evolving requirements of audit and compliance as AI becomes more integral across various industries. It signals an adaptation to the increasing demand for AI literacy, highlighted in a recent LinkedIn report listing AI skills among the fastest-growing in today's professional environment. Shannon Donahue, ISACA Chief Content and Publishing Officer, stated: "ISACA is proud to have served the global audit community for more than 55 years through our audit and assurance standards, frameworks and certifications, and we are continuing to help the community evolve and thrive with the certifications and training they need in this new era of audits involving AI. Through AAIA, auditors can demonstrate their expertise and trusted advisory skills in navigating AI-driven challenges while upholding the highest industry standards." The AAIA certification programme is based on established standards underpinning credentials such as CISA from ISACA, CIA from Institute of Internal Auditors, and CPA from American Institute of Certified Public Accountants. It is designed to ensure that certified auditors can address the specific challenges linked with AI integration, AI compliance, and audit process enhancement through AI-driven insights. ISACA highlights that the certification not only verifies the ability of professionals to audit AI-powered systems but also enables auditors to use AI tools to streamline their own audit processes. This may lead to reduced manual effort and potentially more timely and accurate decision-making, while maintaining the standards required for accuracy and regulatory compliance. Eligibility for the AAIA is currently extended to those who hold an active CISA, CIA, or CPA certification. The content of the AAIA exam covers three main domains: AI governance and risk, AI operations, and AI auditing tools and techniques. Preparation resources include the AAIA Review Manual, an AAIA Online Review Course, and a Questions, Answers, and Explanations Database, all of which allow for a full year of access to support candidates preparing for the examination. ISACA points to recent internal research highlighting the growing urgency for AI-related skills within audit and digital trust professions. According to the data, 85 percent of digital trust professionals, including auditors, believe they will need to expand their knowledge and skills in AI within the next two years to maintain or advance in their roles. Additionally, 94 percent agree that AI skills will be important for professionals in this field. To support ongoing learning, ISACA has expanded its training offerings to include new AI-focused courses such as Introduction to AI for Auditors and Auditing Generative AI. An Artificial Intelligence Audit Toolkit has also been introduced to supplement professional development in this area. ISACA also indicated plans for additional AI credentials, including the Advanced in AI Security Management (AAISM) certification, to be launched in the third quarter. This qualification is expected to cater to information security managers and professionals holding credentials such as CISM and CISSP.
Yahoo
13-05-2025
- Business
- Yahoo
Saudi's GCA hosts sixth Internal Audit Forum
The General Court of Audit (GCA) in Saudi Arabia has hosted its sixth Internal Audit Forum at its headquarters in Riyadh. The programme conducted on 11 May 2025, in alignment with International Internal Audit Awareness Month drew over 550 leaders and specialists, the Saudi Press Agency (SPA) reported. A central feature of the forum was the launch of the 'Internal Assistant,' an AI-powered tool designed to provide immediate, accurate responses for internal auditing queries. Developed in line with the International Standards for the Professional Practice of Internal Auditing from the Institute of Internal Auditors (IIA) and the Unified Regulations for Internal Audit Units in Government Entities and Public Institutions, the tool is tailored for public sector auditors to boost efficiency and performance. GCA Internal Audit supervisor general Dr Seita Almandeel stressed the strategic role of internal auditors as advisors and decision-making partners. She emphasised the need for ongoing education and professional development, highlighting GCA's initiatives such as the 'Knowledge Community for Internal Auditors'. In a LinkedIn post, Institute of Internal Auditors president and CEO Anthony Pugliese said: 'I was grateful for the opportunity to share insights on the future of our profession and to engage with inspiring internal audit leaders from across the Kingdom. In a keynote at the event, he spoke about the integration of modern technologies such as AI in internal auditing. Pugliese also highlighted 'a global shift towards expanding the advisory role of auditors', with industry leaders intending to allocate 'up to 40% of audit plans to consulting activities within the next decade'. The forum also included panel discussions on accrual accounting and IT general regulations, an exhibition, and interactive workshops. The GCA's forum sought to enhance internal audit practices in government organisations, especially during the shift to accrual accounting, while promoting professional expertise and tackling current challenges and opportunities in the field. "Saudi's GCA hosts sixth Internal Audit Forum" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
