IndusInd Bank Appoints New Internal Audit Head Months After Massive Accounting Discrepancy Row

IndusInd Bank has appointed Pragati Gondhalekar as its new head of internal audit amid efforts to rebuild governance and controls following a major accounting scandal. The bank had faced a ₹2,000-crore derivatives-related loss and further issues in its microfinance portfolio, leading to record losses and the resignation of senior leaders earlier this year. Alongside Gondhalekar’s appointment, the bank is also filling other key leadership positions after recently naming Rajiv Anand as its new CEO and MD.

PSASB - Internal Audit Templates

The Public Sector Accounting Standards Board (PSASB) in Kenya mandates the prescription of internal audit procedures aligned with the International Professional Practice Framework (IPPF) to promote good governance, internal controls, and risk management in public sector entities. The PSASB has updated internal audit templates to comply with the Global Internal Audit Standards effective January 2025, including templates for audit charters, strategic plans, and audit plans. These templates help internal auditors implement best practices consistently within the public sector

Internal Audit 2035: Charting the Future of a Rapidly Changing Profession

The article "Internal Audit 2035: Charting the Future of a Rapidly Changing Profession" underscores the evolving role of internal auditors from traditional assurance providers to strategic advisors who help shape organizational futures by 2035, driven by rapid changes in technology, regulations, and global risks. It highlights key areas for internal audit transformation, including routine adoption of advanced technologies like AI, expanding skill sets beyond traditional finance backgrounds to include cybersecurity and ESG, and increasing involvement in advisory and strategic decision-making. The article also stresses overcoming outdated perceptions of internal audit as a policing function, building a stronger talent pipeline, fostering recognition and motivation among auditors, and embracing a forward-leaning mindset to thrive in an increasingly complex business environment.

Survey Finds Misalignment Between Top Risks and Internal Audit Efforts

An AuditBoard report reveals a significant misalignment between the top risks faced by organizations—such as cybersecurity and changing economic conditions—and the limited resources internal auditors have to address these vulnerabilities, with most expecting stagnant or reduced headcount in 2025. Adoption of generative AI in internal audit remains slow, with only 4% reporting substantial progress, and many organizations are not ready to comply with new global audit standards by the January 2025 deadline. The report also highlights opportunities for improvement, such as greater collaboration between governance teams and strategic use of technology, to address audit fatigue and close coverage gaps

10 Red Flags Your Internal Audit Function May Be Losing Ground

The article lists ten key warning signs that an internal audit function may be losing influence or relevance, including static audit plans, stakeholder-led risk identification, peer comparisons, overdue quality assessments, and unilateral budget cuts. It emphasizes that ignoring these red flags can undermine both the internal audit’s effectiveness and the career trajectory of chief audit executives, recommending proactive strategies—like dynamic risk assessments and greater stakeholder engagement—to address each issue. In the face of disruption and change, maintaining audit independence, showcasing value, and adapting to evolving risks are portrayed as critical for sustaining credibility and support.

Why Audit is a Strategic Asset for CDOs

Internal Audit's Awesome Opportunity - Connected Risk

[Tom O'Reilly](https://www.linkedin.com/in/tomoreilly/) has thoughts on Internal Audit's opportunity to lead organizations toward a more integrated and effective approach to risk management through "connected risk" strategies. By breaking down silos, sharing risk data, and collaborating across departments, internal audit can become a catalyst for enterprise-wide assurance and decision-making while alleviating resource constraints. The article highlights that starting small with quick wins, fostering cross-functional engagement, and advocating for centralized risk management are key steps for internal auditors to demonstrate value and drive positive change in their organizations.

Internal Audit as an Assurance Mechanism for Reducing Agency Costs: Beyond Compliance to Value Creation

Agency Theory reminds us that management decisions don’t always align perfectly with owner interests.

That’s where Internal Audit steps in, not as a critic, but as an assurance mechanism that reduces agency costs, strengthens governance, and creates real value.

In my latest article, I share how Internal Audit can move beyond box-ticking to become a true partner in building resilient organizations.

Compliance prevents failure. Value creation builds resilience. Internal Audit must deliver both.

Understanding Risk: The Basics and Its Relevance in Cybersecurity

This newsletter explains that risk is the likelihood of a threat exploiting a vulnerability and the potential harm it could cause. In cybersecurity, risks such as data breaches, ransomware, phishing, and insider threats can lead to financial, operational, or reputational damage. Effective risk management requires identifying, assessing, mitigating, and monitoring threats to protect systems and data.

Is Audit Independence Overrated? Why Auditors Need More Skin in the Game.

The blog post argues that while audit independence is traditionally seen as essential to ensure objectivity and credibility, an excessive focus on independence often leads to audit teams becoming isolated and irrelevant to the business. The author contends that 100% independence is impossible and that too much distance from operations can cause audit findings to miss context, resulting in reports that are ignored by leadership.