'Internal auditing is much broader'

The internal auditing is not all about accounting and other financial aspects, but it focuses on broader aspects like business operations, process and system development which can add value and improve an organisation's performance, said Dave Richards, international president, Institute of Internal Auditors.

Addressing a press conference on the eve of the 30th All India Conference on internal audit, he said internal audit included three key thrust areas "� risk assessment, internal control and governance.

Internal auditing does not require a background in accounting as it deals with broader subjects. However, accounting background can be complementary, he added.

He said that the roles of an internal auditor and a chartered accountant often overlapped. However, both have different purposes and both should complement each other.

He said that India had a good frame work of corporate governance and he was supportive of government's initiatives on this.

At present, there is no other body explicitly imparting skills on internal auditing. However, it is expected to pick up in the context of new regulations, N Sundararajan, president, The IIA-Madras Chapter.

Madras chapter, in co-operation with University of Madras, ran a six-month diploma course on internal auditing last year and about 35 people joined to learn internal auditing as an additional skill. "We are working on expanding and strengthening this in the future," he added.

Former president of IIA-India, R Lakshmi Ratan said that statutory backing was needed for this profession to take off on a big scale in the country. The 30th All India Conference on Internal Audit will be held from February 10-11, in Chennai.

The theme of the conference, organised by the Madras chapter of the Indian Institute of Internal Auditors (IIA), will be 'Beyond Assurance - Enhancing Enterprise Value'

US-headquarterd IIA is the only worldwide body dedicated to the profession of internal audit. It has over 108,000 members all over the world. It offers certification programme on internal auditing. It has five chapters in India.