Category: Articles

A Roundup of Virtual Events for Internal Auditors During Fall 2020
Internal Audit Conferences Head Online this Fall

On By Joseph McCafferty

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

SEC to change compliance definitions for SOX 404

SEC to Modify and Modernize Disclosure Requirements

On By Elizabeth Mullen

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

easing tension with audit clients

Nine Strategies to Ease Tension with Internal Audit Clients

On By Daniel Quainoo

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

Data Access a Challenge for Internal Auditors in 2020

On By IA360 Staff

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

Dept of Justice Seal

DoJ Issues Rare FCPA Clarification

On By Stephanie Liu

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

NCDOT internal audit problems

Watchdog Slams Internal Audit at N.C. Transportation Dept.

On By Stephanie Liu

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

bribery

Company To Pay $21.7 Million Fine For FCPA Violations, Cites Weakened Internal Audit

On By Stephanie Liu

The Securities and Exchange Commission charged a consumer loan company $21.7 million to resolve charges that it violated the Foreign Corrupt Practices Act (FPCA). The SEC says that a former Mexican subsidiary of World Acceptance Corporation (WAC), a South Carolina-based consumer loan company, paid more than $4 million from at Read More

web

Survey: Internal Auditors Ill-Equipped for ‘Next-Gen’ Technologies

On By Stephanie Liu

Internal audit leaders need to look to the future and improve adopting next-generation auditing techniques, a new Protiviti survey found. Protiviti’s 2020 internal audit capabilities and needs survey “Exploring the Next Generation of Internal Auditing,” examines the competencies of nearly 780 chief audit executives and internal audit leaders in the Read More