Executive Summary
The IIA-Australia National Assembly, held from August 5-8, 2024, served as a critical platform for fostering dialogue, exchanging insights, and strategies for the future of the internal audit profession. The Assembly featured significant discussions on the Global Assembly Vision 2035, the evolving role of internal audit, and the strategic challenges faced by IIA-Australia.
- Global Assembly Vision 2035: The Vision 2035 Report provided a forward-looking perspective on the internal audit profession, underscoring the necessity for adaptation to maintain relevance. The report emphasised key themes, including the evolving role of internal auditors and the impact of technological advancements and strategic initiatives.
- Feedback on Global Internal Audit Standards: A dedicated session addressed feedback concerning the forthcoming Global Internal Audit Standards, with particular attention to the cybersecurity requirements, which had been met with criticism. The Global Assembly is currently evaluating this feedback.
- IIA-Australia Strategy Overview: Trish Hyde, CEO of IIA-Australia, presented the organisation’s strategic plan, incorporating a comprehensive SWOT analysis. Key points included the imperative for membership growth, the strategic use of global standards, and the need to address challenges related to stagnant membership and technological advancements.
- Engagement and Membership Growth: The Assembly explored strategies for enhancing membership and engagement, including targeted messaging, face-to-face events, and increased collaboration between chapters. The importance of strong brand positioning and direct member engagement was strongly emphasised.
- Challenges and Opportunities: The Assembly identified common challenges, such as budget constraints, engaging members in non-metropolitan areas, and the need for more face-to-face interactions. Opportunities were also discussed, particularly in leveraging global standards and expanding learning pathways.
- Creating Pipeline Talent: The Assembly highlighted efforts to strengthen the talent pipeline, including initiatives like paid internships for university students and the potential development of a graduate program aimed at increasing awareness of the internal audit profession.
- Action Planning for Growth: The third day of the Assembly focused on action planning, with John Harmata leading a presentation and subsequent brainstorming sessions. Key strategies included setting strategic goals, allowing chapters creative flexibility beyond minimum engagement requirements, and prioritising face-to-face interactions.
- Review of Bylaws: On the final day, the Assembly conducted a review of IIA-Australia’s bylaws concerning Chapter Councils. Discussions centred on the number of councillors, eligibility criteria, and the nomination and election processes. Suggestions for improving these processes were also discussed.
- Next Big Idea: The Assembly concluded with a brainstorming session and voting on the “next big idea,” with the majority favouring research into the adequacy and qualifications of Chief Audit Executives across both government and private sectors.