IIA‒Chinese Taiwan Advocates for Internal Control
For more than 13 years, IIA‒China and IIA‒Chinese Taiwan have collaborated to share internal audit leading practices including mutual benefits through visiting each other’s local communities for seminars, symposium and other activities. This partnership of professional exchange has allowed both Institutes to reinforce the significance of the internal audit profession in China.
In an interview with IIA‒China, Dr. Doris Wang who is the chair of IIA‒Chinese Taiwan, discussed the promulgation of the internal control system since it was first established in 1992 in Taiwan. She also discussed how IIA‒Chinese Taiwan has advocated for the importance of internal control since 2009.
“We have been dedicated to the globalization and specialization of internal control and internal audit” said Wang. To reinforce the idea of globalization, IIA‒Chinese Taiwan has exerted efforts to establish partnerships with international organizations such as the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the United States. To support the multiple frameworks developed by COSO, IIA‒Chinese Taiwan has translated a series of books on the topic, including last year’s release, COSO Internal Control–Integrated Framework 2013.
Not only does IIA‒Chinese Taiwan actively promote COSO, the International Professional Practices Framework (IPPF), and the theory and practice of internal audit to local universities, but they also participate in activities for companies in both public and private sectors. Under Wang’s leadership, IIA‒Chinese Taiwan encourages public companies in Taiwan to develop internal audit plans with the goal of assisting management, including boards of directors, to evaluate whether there are deficiencies in their company practices of internal control as well as determining the operational effectiveness and efficiency of those practices. According to Wang, in governance “…internal auditors are the eyes and ears of the board of directors needed to diagnose fraud within a company so as to reduce operational risks of that company.”
IIA‒Chinese Taiwan also works to develop reports for its members for other emerging trends in the internal audit profession, such as information technology, or IT. Taking advantage of auditing scientific and technological information is an opportunity to improve the quality and efficiency of internal auditing as well.
IIA‒Chinese Taiwan continues to be the voice on internal auditing in Taiwan which is evident in many of their activities and events. With a theme of "Farsightedness and Telegnosis of the Organization’s Board of Directors,” their 2015 annual conference will be designed to emphasize the function, role, and value of internal auditors.
This is an abbreviated version of an article titled “The Development of Internal Auditors in Taiwan" as seen in the October 2014 issue of IIA-China’s monthly magazine Internal Auditing in China.