Internal Audit Excellence Award 2016
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
This award seeks to honour and recognise public listed companies that have put in place an effective internal audit function which enhance companies’ corporate governance, risk management and internal controls.
SIAS, in collaboration with The Institute of Internal Auditors (IIA) Singapore and Singapore Accountancy Commission (SAC), have formulated a selection methodology and criteria to recognise listed companies that have put in place an effective internal audit process.
Companies are shortlisted through the following processes:
- Stage 1
The average of the latest 3 years’ aggregate scores of Governance and Transparency Index (GTI), which assesses the financial transparency of companies based on their annual announcements, is used to identify this year’s top 200 companies.
- Stage 2
The top 200 companies are further compared against the Internal Audit Disclosure Guide complied by NUS Business School for SAC on the ideal amount of disclosure with regards to the Internal Audit function in their annual reports.
- Stage 3
The final 20 shortlisted companies complete a set of questionnaires; results are tabulated and scored by a SIAS research analyst.
- Final Stage
Selection Committee Members meet to decide the winners based on the quantitative results and qualitative inputs.
The selection committee consists of the following members:
|The selection committee consists of the following members:|
Ms. Tan Boon Yen
President The Institute of Internal Auditors (IIA) Singapore
Mr. David Gerald
Founder, President & CEO, Securities Investors Association Singapore(SIAS)
|Mr. Evan Law
Chief Executive, Singapore Accountancy Commission (SAC)
|Prof. Foo See Liang
Associate Professor (Practice), School of Accountancy, Singapore Management University
|Prof. Jeremy Goh
Director of Centre for Corporate and Investor Responsibility, Sim Kee Boon Institute for Financial Economics, Singapore Management University