Year: 2024

The Crucial Role of Internal Audit in Cybersecurity Strategy

In today’s digital era, cybersecurity transcends mere IT concerns to become a cornerstone of organizational integrity. The evolution of cyber threats demands that organizations not just react but proactively manage these risks. Here lies the critical part of internal audit, a strategic ally in fortifying an organization’s cyber defenses. Here Read More

Anticipating a Scandal: Is AI a Ticking Time Bomb for Companies?

In recent times it seems that a corporate scandal is now an everyday occurrence and something which is far too frequent. The causes of a corporate scandal are also far too predictable: failures in corporate governance, poor risk management, compliance failures, unreliable intelligence, inadequate security, insufficient resilience, ineffective controls, and Read More

Demystifying AI and Its Algorithms: What Internal Auditors Need to Know

It’s been more than a year since generative artificial intelligence (GenAI) burst onto the scene with mainstream appeal. These new tools have been presented by some as an unstoppable force, upending industries and changing the way people work. Generative AI can have an immense upside for organizations across many corporate Read More

Institute of Internal Auditors

The IIA Provides Resources to Aid in Adoption of New Standards

The Institute of Internal Auditors has released a collection of tools and resources to help internal auditors incorporate the new Global Internal Audit Standards into their practice. The new Standards, which were released in early January, will become effective in January of 2025. According to the IIA, “the new Standards Read More

PCAOB

PCAOB Fines Audit Firm Haynie and Partners $590K for Audit Failures

The Public Company Accounting Oversight Board (PCAOB) has imposed fines and penalties on top 100 audit firm Haynie & Co. and several of its partners of more than $590,000 for audit failures and violations of PCAOB’s rules and standards. The PCAOB found that the individual audit partners involved each violated Read More

5W1H Method

Improving Internal Audits Using the 5W1H Method

In my role as an internal auditor, navigating the intricacies of risk assessment and control testing sometimes leaves me uncertain about whether I’ve identified a noteworthy observation, encountered an actual problem, or if there’s room for refining our processes. Recently, I discovered a method that has proven invaluable in such Read More

Institute of Internal Auditors

IIA Awards More than $100K in Grants and Scholarships

The Institute of Internal Auditors announced this week that it is awarding more than $100,000 in individual and university grants, and relaunching its Sawyer Scholarship. “The growth and advancement of the internal audit profession relies on innovative research and a strong pipeline of talent entering the profession,” said Warren Stippich, Read More

Institute of Internal Auditors

The IIA Releases New Global Internal Audit Standards

The Institute of Internal Auditors has released a long-awaited update to its Global Internal Audit Standards, which provide a set of principles to guide internal auditors in the course of their work. The new standards impact businesses of all sizes, industries, and geographic regions. The IIA says they were designed Read More