CONAI 2018: The future of internal audit is

The VI National Congress of Internal Audit (CONAI): “Internal Audit: The future is now”, held on Tuesday, June 26th, and hosted by Instituto de Auditoría Interna y Gobierno Corporativo de Chile (IAI-Chile), was sponsored by DCV, who also sponsored the publication of the book “Ciberseguridad: Manual de Supervisión”, delivered to the approximately 350 attendees.

CONAI 2018 counted on the presence of outstanding local and foreign lecturers and with a top-tier technical program. The internal audit team, represented by Jaime Fernández, Patricio Arce, José Vargas, Cristian Foix and Tania Bañados, attended on behalf of DCV.

Jaime Fernández, comptroller and compliance manager, participated in the Discussion Panel on “Internal Audit and Corporate Governance”. In this opportunity, the Moderator of the Panel was Fernando Gaziano, Risk Advisory Manager at Deloitte. Hugo Caneo, director of the Center of Corporate Governance of Universidad de Chile School of Business and Economics (FEN); José Manuel Mena, Cchairman of the Board of SERVIPAG; and Cristian Solís de Ovando, Ppresident of the Audit Committee of the Board of EFE, accompanied Fernández as lecturers.

¿From your point of view, and based on your experience, what role does internal audit play in Corporate Governance in organizations?

Jaime Fernández: In our opinionWe believe that, internal audit acts as the eyes of the Ccompany’s board, in its day to day operations, providing an independent opinion, and as objective as possible, on Governance, Risks and Compliance (GRC), in its daily operations and at every level. We must give provide tranquility, reveal the risks that the Company faces and provide an opinion when required. We must provide solutions, in pursuit of best practices, benchmarking corporate governance, in order to add value to the organization. Internal Audit must always have the courage to provide opinions and review issues and topics, no matter how uncomfortable, whenever it deems appropriate doing so..

In your opinion, what is the greatest achievement (what has already been achieved) and the biggest challenge (what is yet to be achieved) related to internal audit in Corporate Governance in organizations?

Jaime Fernández:  The greatest achievement has been the direct dependence of the board and the independence of the administration. La Polar marked a There was a before and after La Polar. 

CHALLENGES

• To be seen as multipurpose advisors, beyond auditing. For example, on matters such as corporate governance, conflicts of interests, etc.
• To be seen as a function that adds value, not as a centro de costoscost center or as an imposition.
• Achieve greater interaction with the board. A board meeting every month or every two months is not enough.
• Managingners to deal with the loneliness involved in the position (it is not a line function, it is a staff, back-office function).
• Pursue collaborative work (leverage each other’s work) with auditors and external reviewers, avoiding double work.

HEN THE EVENT ENDED, THE IAI RECOGNIZED DCV FOR THE CERTIFICATION EARNED BY ITS INTERNAL AUDIT AREA, IN ACCORDANCE WITH THE INTERNATIONAL STANDARDS AND PRACTICES OF THE GLOBAL INSTITUTE OF INTERNAL AUDITORS. THIS IS AN AWARD FOR “DCV’S EFFORT AND PURSUIT OF EXCELLENCE AND ITS INTERNAL AUDITING FUNCTION”, ADDED FERNÁNDEZ.

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