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promoting honesty, fairness, and accountability and audit findings to stakeholders through
among employees and stakeholders. Establishing a transparent reporting channels.
code of conduct and providing ethics training can help
reinforce ethical behaviour across the organisation. • Encourage Stakeholder Engagement:
Foster open communication and engagement
• Conduct Regular Risk Assessments: Conduct with stakeholders, including shareholders,
regular risk assessments to identify and mitigate employees, customers, and regulatory bodies.
potential threats to the organisation’s objectives. Solicit feedback, address concerns, and
This involves identifying internal and external incorporate stakeholder perspectives into
risks, evaluating their likelihood and impact, and governance and audit processes to enhance
developing risk mitigation strategies. Incorporate risk transparency and accountability.
management into governance and audit processes to
ensure comprehensive risk oversight. Conclusion

• Enhance Board Oversight and Independence: Internal auditing is a powerful tool for
Strengthen board oversight and independence to strengthening corporate governance by
improve governance effectiveness. This may involve conducting audits to identify and evaluate
appointing independent directors, establishing board risks. These audits provide valuable insights
committees with specific oversight responsibilities into the processes and structures crucial for the
(e.g., audit committee, risk committee), and organisation’s success. As the complexity and
conducting regular board evaluations to assess volume of risks organisations face keep rising,
performance and effectiveness. the role of internal audits is expected to broaden.
This includes risk oversight, organisational
• Implement Continuous Monitoring & Reporting: culture and employee behaviour, sustainability
Implement mechanisms for continuous monitoring practices, and non-financial reporting
and reporting of governance and audit-related metrics. In today’s environment with constant
activities. This includes establishing key performance technological advancements, geopolitical
indicators (KPIs), metrics, and dashboards to shifts, cyber security threats, and disruptive
track progress, identify trends, and facilitate timely innovations, a dynamic and adaptable internal
decision-making. Regularly communicate governance audit function becomes essential for ensuring
sound corporate governance.

Virtual Power Symposium Explores Digital

Transitions Towards Net Zero

The recent webinar titled “Digital Transitions in the Age of Net Zero,” hosted by the IIA India Calcutta Chapter on October
19, 2024, marked a significant milestone in addressing the challenges and opportunities within the Power and Utility
sector’s journey towards net-zero emissions. Industry leaders and experts discussed digitalisation’s transformative potential,
emphasising advanced technologies such as AI-driven analytics, smart grids, and IoT-enabled energy management. Key
discussions focused on leveraging these innovations to enhance energy efficiency, minimise carbon footprints, and foster
sustainability across operations. Burzin Dubash, President of IIA India, shared insights on the energy sector being at a pivotal
intersection of digital evolution and the shift towards net-zero emissions, urging internal auditors to prioritise critical risk
areas, including cybersecurity, data integrity, and sustainability audits. With valuable insights from pioneering professionals,
the symposium provided a strategic roadmap for power utilities aiming to align their digital strategies with sustainable impacts,
thereby setting a new benchmark for resilience in a low-carbon future.

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