Soon after NASA launched the Hubble Space Telescope into Earth’s orbit in 1990, scientists discovered, to their dismay, that the telescope’s primary mirror was flawed. The mirror, built to exacting specifications by an outside contractor, was ground 1/450 millimeters too flat, drastically reducing Hubble’s usefulness and the quality of its Read More
As the third line within the “Three Lines of Defense” governance model, internal audit must provide assurance over the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. Yet internal audit’s obligations don’t end there. The third-line responsibility also includes the mission to Read More
Grant Thornton LLP has launched cta.x, an app that allows companies and auditors to rapidly develop and deploy automated internal-controls tests, helping them comply with laws and regulations such as Sarbanes-Oxley. It will also help companies garner new insights from their internal-compliance efforts and increase the return-on-investment in their controls Read More
The Institute of Internal Auditors (IIA) has signed a Memorandum of Understanding (MOU) with the Vietnam Ministry of Finance (MOF) Accounting and Auditing Supervisory Department for cooperation and collaboration in establishing and advancing the internal audit profession in Vietnam. The IIA said, in a statement, that it is well-positioned to Read More
Along with the COVID-19 pandemic, 2020 and 2021 will be remembered as years when issues centered on racial justice captured the nation’s attention. The outrage stemming from the deaths of George Floyd, Ahmaud Arbery, Breonna Taylor, and others has sparked a reexamination of race issues and discrimination that many consider Read More
The results of a new survey indicate that internal audit’s ongoing digital transformation could accelerate in 2021. The survey, conducted by AuditBoard and the Institute of Internal Auditors’ Internal Audit Foundation (IAF), finds that internal audit functions plan to increasingly adopt cloud-based software platforms. Nearly a quarter (22 percent) of Read More
GUEST BLOG POST With the increased focus on adding value and using more technology in internal audits, the lines have been blurred somewhat on the role internal audit should play in the organization. Internal audit functions are undertaking a wide variety of tasks and spreading themselves thin as they try Read More
The Securities and Exchange Commission has awarded more than $500,000 to a whistleblower who raised concerns internally before submitting a tip to the Commission. The whistleblower’s information and assistance allowed the Commission and another agency to quickly file actions, shutting down an ongoing fraudulent scheme. The whistleblower’s information prompted an Read More
The Institute of Internal Auditors is considering revisions to its International Professional Practice Framework (IPPF), which acts as a set of practice and conduct standards for the internal audit profession. As part of an ongoing process, and to continue to meet the demands of internal audit professionals and the expectations Read More
With internal auditors increasingly pressured to boost the value they bring to their organizations, some are asking whether artificial intelligence (AI) may help them meet this goal. Artificial intelligence, which leverages algorithms to identify and understand patterns and anomalies within data sets, can help internal auditors more efficiently identify areas Read More
