More work for internal auditors with new standards

More organised: Wong says key audit matters may mean more coordination and collaboration between internal and external auditors.

PETALING JAYA: Shareholders and the general public can expect to be better informed about listed companies’ corporate governance, risk management and control processes when the new and revised International Standards on Auditing comes into force from Dec 15 this year for audit reports.

While the standards apply to external auditors, a key area, “key audit matters” or KAM for short, will involve internal auditors. According to recently appointed Institute of Internal Auditors (IIA) Malaysia president Lucy Wong, the KAM could possibly mean more communication, coordination and collaboration between internal and external auditors since both could have overlapping responsibilities.