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
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
After the collapse in January of U.K. construction company, Carillion, one U.K . internal audit leader is calling on members of the internal audit profession to do some soul searching, reflect on the primary role of internal audit, and spend more time considering “big picture” issues. Others are criticizing the Read More
Nearly all large companies have well-considered sexual harassment policies and training on the issue, but many still have big problems in the area. Why? Because the culture of some organizations, set by the behavior of senior executives and managers, undermines those policies and training programs. This fact has important implications Read More
The Committee of Sponsoring Organizations (COSO) released new draft guidance in February for applying its Enterprise Risk Management framework to risks related to environmental, social, and governance (ESG) issues. The existing COSO framework, Enterprise Risk Management — Integrating with Strategy and Performance, is one of the most widely recognized and Read More
Companies are increasingly turning to outside service providers to help out with their internal audit activities, especially when it comes to specialized work, according to a recent report. An annual survey of global internal audit professionals finds that, on average, one in three corporate internal audit departments worldwide outsource some Read More
If you are looking for some added insight on the likelihood and impact of global risks as part of conducting your periodic risk assessment, a new tool from the World Economic Forum may provide some assistance. The organization, known for its annual conference in Davos, Switzerland, which concluded last week, recently Read More
Fraud and security risks, including cyber-crimes, hit an all-time high in 2017, according to a new report from risk advisory firm Kroll. The survey finds that experiences of fraud have become more pervasive. The proportion of executives who said their companies fell victim to at least one instance of fraud Read More
