U.S. regulators have expanded the role of the audit committee in recent years to oversee the hiring and performance of the external auditor in the hopes of improving audit quality. In many ways, the United States was just catching up with audit governance practices that were already common in Europe. 

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The massive cyber heist affecting more than 100 financial institutions in some 32 countries is only the latest in a spate of data security breaches worldwide. Losses from the attack, disclosed last year, eventually could exceed $1 billion. During the past 10 years, hackers have...

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Risk assurance today is nothing like what it used to be.

Gone are the early days of risk assurance, where the external audit firm inspected financial statements and corporate compliance officers (assuming your firm had one) worked strictly on regulatory filings. The board simply reviewed the accuracy of audit and regulatory filings, and then talked strategy with the CEO.

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Companies are paying a huge price for worldwide corruption and bribery, even if they are adopting practices to fight against it. That's because the cost of corruption takes many forms, including loss of business to less scrupulous companies, regulatory requirements, and lost opportunities in regions where corruption risks are too high. Discover more...

Earlier this month the Securities and Exchange Commission took the next step in its year’s-long campaign to reform the vast dump of information we collectively call financial disclosure. It issued a concept release seeking public comment on...

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The fury over the increasing use of non-GAAP accounting measures when companies report earnings is building, and now the Securities and Exchange Commission is weighing in with some guidance on practices that are and aren’t acceptable.

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Senior management and boards are asking internal audit to do a lot of things, and that is also a good thing. But financial reporting assurance can’t become an afterthought. If it does, you’ll likely get exposed. And when the tide goes out, that warm sunlight will be shining on places where it hasn't shined before.

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Companies are increasingly turning to outside service providers to help out with their internal audit activities, especially when it comes to specialized work, according to a recent report.

An annual survey of global internal audit professionals finds that, on average, one in three corporate internal audit departments worldwide outsource some of that work to third-party services. 

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Most information security experts aren't afraid to state bluntly: "We're losing the battle for information security." But then again, we already knew that. Near-daily headlines about the latest cyber-theft or data breach have made...

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Bad news for internal auditors, compliance executives, and risk managers who were hoping that bribery and corruption risks would start to subside after being on high alert for the last few years: they are actually increasing.

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Last week the Securities and Exchange Commission approved a $258 million budget for the Public Company Accounting Oversight Board. The PCAOB acts as a check on accounting firms that conduct audits of public companies.

That’s right, we spend a whopping quarter of a billion dollars to check the checkers who check the accounting of public companies. That is, of course, after their own internal audit departments check it first.

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