IIA International Conference 2026 Welcome Address - 2M Indranee Rajah

Mr David Toh, President, Institute of Internal Auditors Singapore
Mr Stefano Comotti, Global Board Chair, Institute of Internal Auditors
Mr Anthony J Pugliese, President and Chief Executive Officer, Institute of Internal Auditors

Distinguished Guests,
Ladies and Gentlemen,

Introduction

1. Good morning.  It is wonderful to see so many of you today at this year’s IIA International Conference. To our international guests who have flown in specially to be here, a warm welcome to Singapore.

2. Before I begin, I would like to take a moment to congratulate IIA Singapore on its 50^th anniversary this year. From humble beginnings, IIA Singapore has grown into a vibrant community of nearly 3,000 professionals, representing more than 600 organisations across Singapore. This is a remarkable testament to the profession’s growth, and to IIA Singapore’s dedication in serving and developing the internal audit community over five decades. Well done.

3. The theme for this year’s conference, ‘Transform Internal Audit’, is timely. The world you are being asked to audit today is fundamentally different from the one that existed five years ago when I last spoke at this conference. Rising geopolitical tensions including the ongoing Middle East situation are disrupting trade rules and changing how we work together. These shifts are even more challenging for a small, open and globally connected economy like Singapore.

Why transformation is necessary

4. We all have to contend with an evolving risk landscape. Risks that could once be treated singularly are now multi-faceted, and cascade with little warning. For example, a single tariff decision can ripple into supply chain disruptions, hiring freezes and investor uncertainty within weeks. What I just described is not hypothetical. At the start of this month, the US administration announced a new wave of tariffs on 60 economies – the impact of which is still uncertain.

5. As a result of this changed world, management teams and boards must make consequential decisions at a rapid pace, under greater uncertainty. The stakes are high. Move too slowly, we risk ceding ground that we may not be able to recover. Move without clarity, and we risk undermining stakeholder confidence.

6. This is precisely where internal audit has a vital role to play. It serves to strengthen governance, sharpen risk management and give leadership the confidence to act decisively. Yet, this role cannot be fulfilled by doing more of the same. Where risks cascade within weeks, the profession must evolve beyond approaches that were designed for a slower, more predictable time.  

7. This makes transformation an imperative for internal audit. I do not have a silver bullet. But let me touch on three things that I think will shape the next bound of internal audit transformation.

   1. First, continuous learning as a competitive advantage

   2. Second, leveraging AI, data and technology

   3. Third, and perhaps most importantly, focusing our efforts in strengthening what remains irreducibly human.

What transformation requires

8. Let me start with continuous learning as a competitive advantage. For internal audit, learning is not just a professional obligation. It is the foundation of effective governance. The 2026 Risk in Focus Singapore report by the IIA highlighted that nearly three in four organisations identified digital disruption and AI as a top risk, yet fewer than half had it as a top audit priority. Closing this governance gap requires continuous learning, especially in emerging risk areas like AI.

9. The IIA’s new Global Internal Audit Standards that came into effect in January 2025 make this clear: the use of technology has shifted from a consideration to an obligation. Internal auditors are now expected to understand, evaluate and govern the technologies reshaping the organisations they serve.

10. Local chapters like IIA Singapore have moved quickly to translate that shift into local action. Through its contribution to the recent refresh of the Skills Framework for Accountancy, IIA Singapore helped embed AI, data and tech literacy as expected competencies for the profession. IIA Singapore has also partnered with KPMG to publish The Agentic Opportunity – a practical playbook that makes the case that organisations which govern AI responsibly, not simply those that adopt the most technology, will be the ones that thrive.

11. The Singapore Government has been a strong partner in building an enabling environment for responsible AI adoption, of which workforce development is a key pillar. Through SkillsFuture, training subsidies of up to 90% are available for eligible businesses and Singaporeans. Singaporeans enrolling in selected AI courses will additionally receive six months of free access to certain premium AI tools, to build hands-on proficiency that complements classroom learning.

12. But learning alone is not sufficient. The value of learning is only realised when new knowledge translates into sharper audits and timely insights.

13. This brings me to my second point: leveraging AI, data and technology. The goal is enterprise-wide adoption, where both management and audit teams use AI and technology seamlessly in their work. Adoption does not happen by accident. Even in pursuing rigorous audit and governance obligations, leaders must create space to experiment, and then scale what works through redesigned workflows that embed AI into the core of how we audit.

14. We are already seeing this come to life. Take Ms Tan Liang Liang, Assistant Director at the Accountant-General’s Department, or AGD. Ms Tan taught herself to build an AI audit assistant that reviewed submissions by external parties against relevant legislation and the team’s standard operating procedures. With this tool she could surface gaps and anomalies that manual reviews might otherwise overlook. What helped was that her supervisors gave her the space and time to experiment. And Ms Tan is not alone. Across the Singapore public sector, internal auditors are increasingly leveraging AI-powered audit assistants to enhance coverage, scaling, and adaptability across diverse contexts.

15. This is not just happening within our public sector. Several leading Singapore companies are already moving decisively to accelerate AI adoption. Take OCBC, whose Group Audit function has applied GenAI to enhance audit planning, streamline documentation and synthesize insights at scale. OCBC is also piloting agentic AI to enable continuous and adaptive auditing capabilities, strengthening early identification of risks. And we want to encourage more companies to unlock the potential of AI.

    1. For instance, the Enterprise Innovation Scheme has been expanded to provide businesses in Singapore with 400% tax deduction on qualifying expenditures in areas like R&D, innovation, capability development and AI.

    2. The Productivity Solutions Grant will also be expanded to support more companies in adopting digital and AI-enabled solutions.

16. The third, and perhaps most important point, is strengthening what remains irreducibly human. As AI becomes commonplace, the human element does not diminish. Instead, it becomes more important. The collaboration across operational units, compliance teams, internal audit, and leadership should be reinforced and nurtured, to create governance ecosystems that work.

17. This matters, because there is growing unease about the impact of AI on jobs, on human agency, and on the quality of decisions made at speed. This unease is not irrational, but our response should not be to slow down transformation. Instead, it should sharpen our focus on what we are transforming towards: a profession where AI handles the routine, and people anchor the consequential work.

18. What does this mean in practice for internal audit teams in organisations, and internal audit service providers?

19. First, building a strong pipeline of future talent. Auditors will increasingly be called upon to evaluate AI’s work, challenge its assumptions and exercise independent judgement. IIA Singapore has been contributing to the pipeline in meaningful ways, from inspiring the next generation through outreach at tertiary institutions, to working with Workforce Singapore to establish a Career Conversion Programme that opens pathways into internal audit for mid-career professionals.

20. Second, developing audit leaders who can advise and influence effectively. We need to have dedicated developmental pathways for internal auditors, with competency frameworks and milestone programmes. Emerging audit leaders should be encouraged to go through structured job rotations to build business domain knowledge and strong communication skills. By exposing internal auditors to real governance challenges from the inside, they build the cross-domain familiarity and leadership instincts that make for a trusted adviser.

21. Underlying all of this is a deeper conviction: the future of internal audit is not just about smarter tools; it is about stronger people.

Closing

22. In closing, we have made meaningful progress, but the pace of change means the horizon keeps moving. There is still much to do, and we cannot do it alone. But together, we are more than equal to the task. This room holds more than 1,500 internal audit executives and professionals from across the world – an extraordinary concentration of expertise. I encourage you to use this conference to learn from each other, exchange ideas, and collectively turn shared challenges into solutions.

23. Thank you and I wish you all a fruitful conference ahead.