KUALA LUMPUR (Oct 9): Institute of Internal Auditors Malaysia (IIA Malaysia) has urged internal auditors to be more competent and responsive in their analytical skills and audit methodology to keep pace with the ever-changing business landscape.

IIA Malaysia president Hazimi Kassim said that to stay relevant and value adding or protecting, internal auditors of today and tomorrow need to be tech-savvy and analytical to manage big data as well as technological "curveballs".

"We urge internal auditors to adapt and focus on continuous learning so that the function of internal audit will stay relevant in the rapidly changing landscape in the business environment.

"As such, we need to use organisation's business strategy to identify risks that matter the most and set the tone for dynamic internal audit strategy that adds value to the organisations," he said in his welcome speech at the 2017 National Conference organised by IIA Malaysia. The two-day conference was officiated by Auditor-General Tan Sri Dr Madinah Mohamad.

Hazimi said with technology reinventing business practices every day, there is an urgent need to address the increasing skills gap in the internal audit profession and prepare them for the tech-driven business environment.

"Massive strides in technological advancements now lead us to Artificial Intelligence (AI) and cryptocurrency (Bitcoin). How else will the internal audit function stay relevant, progressive and competitive?" he quipped.

During the conference, IIA Malaysia also launched the updated Guidance for an Effective Internal Audit Function (GIAF) with the aim to provide a clear and standardised direction for the audit committees and boards of public listed companies and other corporations in Malaysia.

"As technology is woven strategically into every aspect of the competitive global business environment, it has opened new opportunities to drive business, as well as the emergence of risks.

"As such, we believe that the updated GIAF will set the stage for heightened knowledge on internal audit practices, hence, educate Audit Committees and Boards, and facilitate the improvement of oversight of internal audit functions," said Hazimi.