Internal audit professional standards require each department to establish a risk-based internal audit plan. When focusing on the highest organizational risks, however, they are often likely to find a gap in the talents and skills needed to execute that plan. Although it may be tempting, ignoring risk-based audit projects when Read More
What is that second phase of COVID-19 risk? How can risk management teams adapt to that world? Matt Kelly explains in this can’t-miss guide: DOWNLOAD NOW >>
There are few aspects of the chief audit executive (CAE) job that are more anxiety inducing than the executive session of a board or audit committee meeting. Audit leaders can often find themselves pulled in different directions, questioning their loyalties, and put in the precarious position of having to discuss Read More
Typically, internal auditors are marking their calendars and making travel arrangements at this time of year to attend a host of internal audit conferences, user forums, and seminars. This year things are different, of course, and few, if any, professional development events are taking place live. That doesn’t mean internal Read More
The Securities and Exchange Commission is revising corporate disclosure requirements for the first time in more than 30 years. The Commission voted last week to adopt amendments that will modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. Read More
As the saying goes, “you can’t make an omelet without breaking a few eggs.” It’s likely an expression internal auditors have heard or even used themselves to characterize the tension that can result from auditing a particular function or process. The role of internal audit is to provide independent assurance Read More
India’s Ministry of Finance is examining internal audit procedures and tools to implement a standard internal audit protocol for all government ministries and departments, The Tribune of India reports. The Department of Expenditure requested the update in response to the government’s increased reliance on digital financial transactions. “The Public Financial Read More
As internal auditors look ahead to end-of-year reporting deadlines, many are raising concerns that assessments may be impossible to provide or significantly delayed. Remote work options are helping companies stay afloat in 2020; however, many elements of the audit process are more difficult in this “new normal.” Accounting standards provide Read More
The Department of Justice released a rare Foreign Corrupt Practices Act opinion letter in response to an inquiry from a company, highlighting an avenue of communication where companies can get answers to compliance concerns for planned future actions. The inquiry asked whether a prospective fee paid to a foreign subsidiary Read More
A North Carolina watchdog agency recently issued a scathing report on the internal audit program at the state’s Department of Transportation (NCDOT). During an evaluation, inspectors found that the department “has not maintained a robust and viable internal audit effort,” leading to budget and cash flow problems at the department. Read More
