You might think that company managers behave more honestly when they know they’re being watched. More analysts, more institutional investors, more nosy reporters equals reliable financial reporting, right? Not so fast, say three finance researchers at the Massachusetts Institute of Technology and the University of Pennsylvania. Convention has it that Read More
Holding people and organizations to account has historically been a case of pinning blame on them for failures they either caused directly or should have been aware of. As a result, organizations should not be surprised if employees are reluctant to embrace a culture of accountability. But Paul Russell, director Read More
A report by the British parliament’s Environmental Audit Committee, published yesterday (June 4), calls for mandatory public reporting by large companies and asset managers, particularly pension funds, on their exposure to climate change by 2022. Right now, there are no such requirements. The closest thing is the reporting guidelines established Read More
Money laundering is an expanding and increasingly international phenomenon, according to a new report by Moneyval, Europe’s money-laundering watchdog. Current estimates of the amount of money laundered world-wide range from $500 billion to a staggering $1 trillion, with disastrous effects on the global economy, especially on vulnerable, developing economies. The Read More
A chief compliance officer can only succeed with the support of other important compliance partners. A vital partner for compliance is the internal auditor. Indeed, both functions must take measures to ensure that the internal audit and compliance partnership works well. A CCO has to meet often and work closely Read More
Internal audit departments are taking advantage of technological advances to offer more accurate audits and better insight into complex process, often with less time and work to complete them. Many internal audit departments are using data analytics, agile, automated processes, and other technology to improve the previously manual approach for Read More
It didn’t take long for the lawsuits to start flying over allegations of non-compliance with the European Union’s new set of data governance rules. Austrian data privacy advocacy group None of Your Business (NOYB) filed suits against Facebook, Google, and Facebook subsidiaries WhatsApp and Instagram alleging that the tech firms Read More
Internal auditors are seeing their audit reports get “diluted or suppressed” by senior executives or even having their careers derailed when they raise red flags within large corporations, according to an Australia internal auditor. The allegations, by Peter Jones, head of the Institute of Internal Auditors’ Australia chapter, comes in Read More
The latest Global Internal Audit Common Body of Knowledge (CBOK) Stakeholder Study report, Auditing Strategic Risks: Practical Insights from Internal Audit Leaders, reveals that nearly two-thirds (64 percent) of stakeholders want internal audit to take a more active role in strategic risks. Many chief audit executives are reporting they are Read More
Every company must have a deliberate plan to prevent and detect fraud and should never underestimate the potential of an attack from within. According to a recent report to the Nations on Occupational Fraud & Abuse, the typical organization loses 5 percent of revenues each year to fraud. To learn Read More
