A trio of internal audit studies published recently indicate that internal audit departments in the United States have a big technology problem. Internal audit is generally behind the times when it comes to adopting leading-edge technology, the reports find. The studies shed some needed light—along with some dire warnings—on why Read More
Years back, internal audit sat among the less desirable roles for upwardly mobile financial professionals. Some even considered it the dumping ground of finance, where under-performers were shelved while more promising young hires were put into what they perceived as more exciting positions. Post Enron, of course, the situation changed Read More
Reporting of suspected wrongdoing in organizations has reached a historic high in the United States, but so too have instances of retaliation against those who report violations. Meanwhile, only one in five employees say their company has a strong ethical culture. The percentage of employees who say they have reported Read More
As we contemplate trust and transparency in business against the backdrop of unethical sales practices events over the last year—think Wells Fargo—and the need to prioritize customers’ needs and expectations over the sales journey, the various customer touch points along the value chain come to mind. For many companies, moments Read More
In his latest blog post, internal audit and risk expert, Norman Marks, writes about the need to perform an audit that assesses whether management has a system of internal control that provides reasonable assurance of compliance. “There’s a lot of talk about auditing culture and other significant sources of risk,” Read More
Facebook on Sunday faced a backlash about how it protects user data, as lawmakers demanded that the social media giant explain how a political data firm with ties to President Trump’s 2016 campaign was able to harvest private information from more than 50 million Facebook profiles without the social network’s Read More
The Securities and Exchange Commission announced its Largest-ever Dodd-Frank whistleblower awards, with two whistleblowers sharing nearly $50 million award and a third whistleblower receiving more than $33 million. The previous high was $30 million, which the securities regulator awarded in 2014. “These awards demonstrate that whistleblowers can provide the SEC Read More
Internal audit can add value in non-traditional areas, but fundamentals must take priority. It’s true that most internal audit shops have embraced some profound changes in the past few years. The biggest transition has been, of course, to turn internal audit’s powerful ability to assess processes and evaluate controls on Read More
Overall compliance with Apple’s code of conduct for suppliers is improving, but the number of serious violations of its policies doubled in 2017, the company reported, based on a series of audits of major suppliers conducted in 2017. For its latest Supplier Responsibility Progress Report, Apple audited 756 suppliers spanning Read More
The Securities and Exchange Commission filed charges against six certified public accountants—including former staffers at the Public Company Accounting Oversight Board (PCAOB) and former senior officials at KPMG—arising from their participation in a scheme to use confidential information on PCAOB’s planned inspections of KPMG audits. One SEC official charged that Read More
