The Public Company Accounting Oversight Board has proposed changes to audit standards that would require lead auditors to provide better oversight and take more responsibility for audit work that they farm out to other...
Internal auditors are making progress at carving out a more strategic role for themselves and are gaining influence with management and the board at their organizations, according to a new report out earlier this month.
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Back in 1980, a popular accounting magazine asked: "Are we ready for continuous auditing?" That publication is no longer in circulation, but decades later, this question remains relevant.
This week the Securities and Exchange Commission settled a case with Mass.-based technology company PTC Inc. and its Chinese subsidiaries that could create new imperatives for internal audit practices and assurance of anti-bribery programs.
PTC agreed to pay more than $28 million to settle parallel civil and criminal actions involving violations of the Foreign Corrupt Practices Act (FCPA).
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...
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.
Chief audit executives know the feeling of having to serve many masters. They have several constituencies they must answer to or advise—including management, business lines, regulators, and shareholders—all while retaining their independence to provide clear and objective views.
Fast-moving changes in technology have added to the potential risks companies face. It is not always easy for senior management to wrap its arms around information technology risks confronting their organization. However, internal audit departments can help shed light on the issue through risk-based IT audit planning. Read More...
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.
When you outsource business processes you incur risk. And these days there are few companies that don't outsource at least some parts of their business. Getting a handle on these risks is vital, but not easily done.
When The Institute of Internal Auditors proposed changes to its professional practice standards last month, it included new guidance for chief audit executives on measures they should take to safeguard their independence and objectivity when the job takes them outside the realm of traditional audit...
In this podcast, Joseph McCafferty, head of audit content at the MIS Training Institute, talks with Thomas Fox, an attorney who specializes in the Foreign Corrupt Practices Act and who edits the FCPA Compliance and Ethics blog. According to Fox, the role of internal audit in anti-bribery and anti-corruption programs is changing from one of detecting bribery to also working to prevent such activity from happening. Listen to the Podcast
The emerging flavor of the month in regulatory circles is the “culture of compliance” with recognition that corporate culture has a profound influence on how an organization conducts its business.
No one doubts the value of conducting a Quality Assurance Review (QAR) to gauge how well the internal audit program is meeting its goals. Yet, for some companies a QAR is a luxury they cannot afford.
As the use of information technology continues to proliferate so do the associated risks organizations face. This article addresses the topic of what, specifically, constitutes a world-class IT audit department. It incorporates feedback from a recent MIS Training Institute IT Audit Management Summit attended by IT audit management and information security management professionals from about 60 organizations in multiple industries across the globe.
Earlier this week, high-flying business software startup Zenefits got its wings clipped.
The San Francisco-based company, which provides online tools to help small businesses manage their human resources and employee benefits functions, forced out its founder and CEO, Parker Conrad. Conrad’s transgression? He neglected to put the proper internal processes, controls, and compliance practices in place. Find out more...
A new report from global IT association ISACA identifies five steps organisations should take to create an effective audit program and reap the benefits of a...
Discover the top 10 priorities for Internal Audit!
A new survey from the Institute of Internal Auditors (IIA) suggests that internal audit departments are not changing fast enough to address emerging risks that lie outside the traditional purview of internal audit.
How fast is the internal audit profession changing? So fast that its main professional association, the Institute of Internal Auditors (IIA), is planning to update its bedrock professional standards.