Companies' internal audit function has become both more important and more arduous amid a series of scandals and a regulatory clampdown, and it needs to adapt, Bank Negara Malaysia governor Muhammad bin Ibrahim said on August 16.

Speaking at an audit forum held at one of the central bank's training venues, Ibrahim urged auditors to adopt a "holistic" approach to examining risk areas, including identifying new risks and assessing the threat posed by unlikely but potentially damaging tail risks.

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