Serdang 27 April 2021 - The Risk Based Internal Audit Analysis (RBIA) approach to risk -based auditing practice has long been used by the Internal Audit Division of UPM. To improve its functions and work processes, the Internal Audit Division has adopted a risk -based auditing approach in accordance with the COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework as a new approach starting in 2018.

The COSO framework is a process of internal control carried out on the board, management, responsibility centers and employees to provide reasonable assurance for the achievement of objectives in the categories of operational effectiveness and efficiency, reliability of financial reporting and compliance with applicable laws and regulations.

The COSO Framework or known as the COSO Framework is a risk -based auditing method to meet the International Professional Practices Framework (IPPF) standards under the Institute of Internal Audit Malaysia (IIAM).

Through the Competency Development Bureau, Public University Internal Audit Committee, a seminar on the COSO framework was organized on 24 April 2021 online at the special website of the Institute of Internal Audit Malaysia (IIAM). The seminar was supervised by the Internal Audit Unit of Universiti Kebangsaan Malaysia and presented by Mr Santosh Govind, Board of Governors, IIA Malaysia.

This seminar session provides various latest approaches that can be adapted in each audit that will and is being conducted at Universiti Putra Malaysia as well as improving the internal control of the management of the Responsibility Center at UPM in general.

The involvement of the Internal Audit Division also coincides with the wishes of UPM Board Members in general and the UPM Audit Committee in particular to assist and ensure that Universiti Putra Malaysia is on the path of good governance.

The Head of Internal Audit expects that every member of the Internal Audit Division takes input on every information given to improve the quality of the audit so that each audit is conducted in line with the International Professional Practices Framework (IPPF) standards.

Date of Input: 23/05/2021 | Updated: 23/05/2021 | faiz_suparman