He commented that he has taken up his presidency at 'a crunch point for the profession,' and warned against complacency in the face of further massive shifts in the role played by internal audit.
He said: 'As a result of Turnbull, organisations (particularly listed companies) will need to review their internal control and reorient risk management.
'The internal auditing community must respond to this challenge, take a frontline role in shaping risk management and internal control practices, or lose ground to other professionals. This is a fantastic and perhaps a 'once in a career-time opportunity' that must not be missed.'
Cox's term of office follows a year of growth, when membership of the IIA increased by nineteen per cent and a record operating surplus - fifty seven per cent more than the previous period - was recorded.
He comments, 'The Institute is powering ahead. We are gaining members by the day. There is great demand for our training, literature and research.'
'Also the number of applications to study for the MIIA and QiCA examinations is increasing.'
Cox has long been involved in the European Confederation of Institutes of Internal Auditing (ECIIA)'s professional development committee and has been instrumental in implementing information technology strategies within local government.
He is a firm believer in the need for the internal auditing profession to create and share global standards.
www.iia.org.uk29 November 1999Susan Rocklin 0171 224 0535LOCAL GOVERNMENT MANAGER IS NEW IIA PRESIDENTGerry Cox, who is Audit and Performance Review Manager with South Somerset District Council, is the new president of the Institute of Internal Auditors.
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