A new survey of chief audit executives in the United Kingdom finds that more than one in three organizations has yet to do any Brexit scenario planning, despite the impending deadline for the U.K. to leave the EU. According to the Brexit Preparedness Survey, conducted by the Chartered Institute of Read More
The Securities and Exchange Commission has issued an investigative report urging public companies to consider cyber-threats when implementing internal accounting controls.
Despite record spending on cybersecurity, a new study finds that IT security breaches remain at epidemic levels. According to a new report conducted by Osterman Research, a whopping 70 percent of the more than 200 medium and large organizations surveyed reported being the victim of at least one successful cyber-attack Read More
The U.S. Justice Department will put more consideration into whether or not a monitor is needed to oversee that a company is abiding by promises it makes in settlement agreements.
Tone at the top is about humanity and not about words like compliance and regulation. It is about doing the right thing and we all know what that is in our hearts. It is about treating people with dignity and respect.
An internal audit conducted by NASA’s Office of Inspector General’s Office of Audits found major problems with the aerospace agency’s Space Launch System (SLS), a program that is working on a rocket that could return NASA astronauts to the moon and eventually go to Mars.
Most mid-size to large organizations rely on internal and external audits as a key preventative measure against fraud. The problem is, many CFOs assume that a routine financial audit will reveal financial anomalies that could be fraud. Unfortunately, quite the opposite is true. Audits almost never succeed at finding fraud: Read More
South African power company Eskom suspended its head of internal audit, Molefi Nkhabu, as it investigates a series of suspicious transactions that he signed off on. According to a statement from the company, the questionable transactions “contain inferences or conclusions which had the effect of exonerating certain previous Eskom executives Read More
Two leaders of BDO’s Nonprofit & Education Advisory Services practice, Ken Eye and Andrea Wilson, recently provided a list of “top 10 challenges keeping internal auditors up at night, and possible remedies to help continue the critical work.”
Internal auditors, compliance officers, and other “lines of defense” professionals are in unique positions to spot fraud and wrongdoing at the companies where they work. In most cases it is enough to report the problems to senior management or to the board of directors in situations where senior executives may Read More
