Office workers are using ChatGPT, or similar conversational AI models, for various tasks and purposes. Some of these uses can create risks of which compliance officers should be aware. Here are a few examples: 1) Virtual Assistants: ChatGPT can act as a virtual assistant, helping office workers manage their schedules, Read More
Artificial intelligence applications like ChatGPT are becoming common tools in the workplace to do everything from generating job descriptions, writing and editing reports, and to managing schedules (See related article, “How Employees Are Using ChatGPT on the Job“). But the apps aren’t perfect. In fact, they can be error prone Read More
Imagine this scenario: Your organization is hit with a sophisticated ransomware attack. The team reluctantly agrees to pay the ransom (in bitcoin, of course) and your data-recovery efforts spring into action to get the organization back up and running. But to everyone’s horror, much of the data is missing and Read More
In India, the internal audit function has come a long way since its inception and has undergone significant development in recent years. In the past, internal audit in India was mostly confined to compliance-based activities and was often viewed as a cost center. With the increasing complexity of business operations Read More
The Securities and Exchange Commission has issued its largest-ever award, a staggering $279 million, to a whistleblower whose information and assistance led to the successful enforcement of SEC and related actions, the regulatory agency said Friday in a statement. This is the highest award in the SEC’s whistleblower program’s history, Read More
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE) jointly announced the release of the Fraud Risk Management Guide: Second Edition, a new publication that offers a blueprint for helping organizations establish an overall Fraud Risk Management Program. The Guide updates Read More
We recently sat down with Norman Marks to talk about the recently proposed updated draft of the Institute of Internal Auditors’ professional practice standards. In March, the IIA released a draft version of an overhaul of its International Standards for the Professional Practice of Internal Auditing, generally referred to as Read More
GUEST BLOG As a consultant, I review internal audit departments at multiple financial services organizations each year while conducting Quality Assurance Reviews. While my goal for these reviews is to help the internal audit become more efficient and effective, I also focus on providing reasonable assurance that the departments are Read More
A bill limiting the state auditor’s access to certain information heads to Governor Kim Reynolds’ desk this week, despite concerns from Democrats and auditing groups that the measure will hamper investigations of waste and fraud and put federal funding at risk. The bill limits the state auditor’s ability to access Read More
The U.K. Financial Reporting Council (FRC) announced it has launched two separate investigations in relation to audits conducted by Ernst & Young. On April 20, the FRC said it has commenced an investigation in relation to an audit conducted by Ernst & Young of the consolidated financial statements of Made.com Read More
