Dear Members

The festival of lights – the festival most eagerly looked forward to in India by kids and elders alike is just getting over. I am sure every one of you has enjoyed the Diwali and the festivities around it. Belated Diwali greetings to all.

On this day, today, and always, let us all salute our brave and selfless soldiers who ensured that we enjoy the festivities even when they were guarding one of the most notorious international borders. We all know that the Indian army is a home to some of the bravest men in the world. Thank you dear soldiers for the sacrifices you and your families are making for all of us.

This is my second communication with the members of the Bombay Chapter. A number of activities are being planned during the next few months. Our flagship event, viz. the Annual Conference is scheduled on February 15 & 16, 2017 at the Westin Mumbai Garden City at Goregaon East. The theme of the conference is “Audit Never Sleeps”. You will find a separate communication about this event in this newsletter. Please mark your calendar immediately and be there in large numbers. This is all the more important as the IIA I a forum for the hardcore internal auditors for whom internal audit is a passion and not just an occupation. The conference provides vast opportunities for sharing information, gaining knowledge, knowing what is happening around and for networking.

We are also planning events around the role of internal auditors vis a vis GST and Ind AS. Your suggestions about the topics of interest would be highly appreciated. You all play an important role in making IIA India, Bombay Chapter the most active and vibrant of all chapters. This will just not be possible without your active participation.

The Webinar Series

Last few months of the Chapter has seen significant number of webinars to reach out to professionals and disseminate thoughts in a large and effective way. These programmes have been topical and relevant and delivered by extremely knowledgeable professionals. Over 150 participants have benefited from participating in these webinars. Some key webinars organized by your Chapter were as follows:

Topic Faculty Designation and Company Name
Control Self-Assessment Amitava Ghosh Group Leader – Internal Audit, Dr. Reddy's Laboratories Ltd
Impact of IND AS on Manufacturing Sector Vinay Gulati Associate Director – Accounting Advisory Services , KPMG
Introduction to forensic accounting and opportunities for IIA members in forensic accounting Chetan Dalal Proprietor Chetan Dalal & Co
Audit Committee Presentation Techniques Nilesh Menezes Proprietor, N M Consulting

A webinar on COSO is being planned on December 17, 2016. This would be conducted by Mr. Amitava Ghosh, Associate Director, Internal Audit at Dr. Reddys Laboratories Ltd.

The Chapter will continue organizing webinars for the benefit of its members and I would urge all of you to attend these in large numbers. All of you, willing to share your knowledge, expertise, experience with fellow members are welcomed to conduct webinars that will be sponsored by the Bombay Chapter.

Technical Program on Auditing in SAP Environment

Considering the member’s needs, your Chapter had organized a focused programme in June 2016 on Auditing in SAP Environment with support from Deloitte. This was a three day training programme organized at Hotel Orchid for a small participant group.

For ideas and suggestions on more such programmes, please feel free to write to president@iiabombaychapter.com.

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Internal Financial Controls (IFC)

Since the passage of Companies Act 2013, the concept of Internal Financial Controls has been widely discussed and analyzed. Internal auditors have been deeply involved in this exercise in various capacities and their role is still evolving on this front. Keeping this in mind, your Chapter organized a one day implementation seminar on “IFC Implementation” at Hotel Tunga International in August 2016 with great success and over 80 participants benefited from this seminar. We will continue to work with more thought leaders on this space.

For ideas and suggestions on more such programmes, please feel free to write to president@iiabombaychapter.com.

We have a lot more in store for 2016-17

On behalf of the Board, I assure you that over the next few months you will see a lot of activity that will keep all of us engaged and occupied. The aim would be to make the IIA a “sought after” institution by increasing the member network and outreach.

The Chapter is already in advanced stages of finalizing the Annual Conference for your Chapter. The Annual Conference will be addressed by decorated speakers and professionals and will provide a significant platform for all the members to interact and exchange experience and knowledge.

With ever increasing dynamism in the Business Environment, the auditor’s job has also become more complex, demanding and challenging. Since the role of auditor is that of a conscience keeper, adviser, value creator and preserver, it has further increased the spectrum of demands that it needs to fulfill. These times remind me of the famous quote of Robert Frost:

"The woods are lovely, dark and deep,
but I have promises to keep,
and miles to go before I sleep..."

Truly, whether the profession of internal auditing can afford to sleep or slip is a matter of significant discussion and I can only say that "AUDIT NEVER SLEEPS".

  • Sunil Gaitonde
  • President,
  • The Institute of Internal Auditors, Bombay Chapter