SOURCE: The Institute of Internal Auditors

The Institute of Internal Auditors

May 31, 2013 17:36 ET

OSFI Superintendent Highlights Role of Internal Auditors as Third Line of Defence

May Is International Internal Audit Awareness Month -- Auditors Can Add Value as the Regulation Continues to Evolve

TORONTO--(Marketwired - May 31, 2013) - Today, Julie Dickson, superintendent of the Office of Financial Institutions (OSFI) keynoted the capstone event to International Internal Audit Awareness Month in a speech to a Bay Street audience of financial and chief audit executives, directors, and internal audit professionals from banks, insurers, and other industries on how internal audit can respond to renewed interest in regulatory frameworks and approaches.

In her remarks, Dickson said, "It is clear that the role of audit, whether internal audit, external audit, or the audit committee of the board, is back in the spotlight... clearly the trend is to require internal audit to do more than in the past (while not going so far as to actually design and implement controls) -- and I think this trend is the right one." After commenting on the role of the audit committee and the external auditors, she concluded by saying, "The shifting spotlight to audit issues should be embraced by internal auditors, audit committees, and audit firms, as it represents an opportunity to demonstrate clearly the tremendous value that all of you bring to risk management."

Jeff McIlravey, CFSA, president of the Toronto Chapter of The Institute of Internal Auditors, commented on Dickson's keynote address: "We were extremely pleased for our members, chief audit executives, and stakeholders to hear Ms. Dickson's point of view on how internal audit can be a 'third line of defense' in Canadian financial institutions, as well as in other key economic and government enterprises. As we conclude May, International Internal Audit Awareness Month, we know that internal auditors can be the voice that boards and management rely upon for objective and independent views of the state of risks and controls in the governance of an organization."

The full text of the speech may be found at http://www.osfi-bsif.gc.ca/.

Office of the Superintendent of Financial Institutions
Created in 1987 by an Act of Parliament, the Office of the Superintendent of Financial Institutions (OSFI) is the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated private pension plans. OSFI's mandate is to advance and administer a regulatory framework that contributes to public confidence in a strong, stable, and competitive financial system.

The Institute of Internal Auditors
Established in 1941, The Institute of Internal Auditors (IIA) is an international professional association of 180,000 members with global headquarters in Altamonte Springs, Florida, USA. The IIA in Canada comprises 12 chapters serving more than 7,500 members. IIA-Toronto was the first chapter formed outside of the United States and is currently the second largest in the world, with more than 2,600 members.

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