Risk appetite is a critical link between strategy and performance. In an effort to help executives and managers better understand and communication risk appetite, the Committee of Sponsoring Organizations (COSO) issued new guidance, on how organizations can promote risk appetite as an integral part of decision-making. The guidance, titled “Risk Read More
The Securities and Exchange Commission has settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams and for actions that attempted to impede an investigation into the misconduct. The SEC previously charged KPMG with violations connected to the exam sharing scandal, as well Read More
The aftermath of COVID-19 may change the way attorneys and other legal professionals think about or execute their work, but the privacy landscape could remain largely untouched. While obligations under the Health Insurance Portability and Accountability Act have been temporarily relaxed to facilitate the public’s access to telemedicine, the enforcement Read More
With the pace of change accelerating and risks shifting in nearly inconceivable ways, proactive chief audit executives are assessing risks continuously and responding nimbly by adjusting audit plans. This practice guide provides practical examples and a flexible yet systematic approach to developing internal audit’s risk assessment and plan of engagements. Read More
Deutsche Bank’s regulators in the United States have criticized the German lender in an internal audit for weaknesses in fighting money laundering and in risk management, according to a German newspaper on Wednesday. The paper, Sueddeutsche Zeitung, said the bank has 90 days to respond to the audit, which was Read More
The Securities and Exchange Commission announced that Morgan Stanley Smith Barney has agreed to pay $5 million to settle charges that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs. The penalty for charging hidden fees will be distributed to Read More
A new report explores the long-term impact of the Coronavirus Crisis on internal audit functions around the globe. The report, “COVID-19 and Internal Audit: Preparing for the New Normal in 2020 and Beyond,” released by the Internal Audit Foundation, the Institute of Internal Auditors, and AuditBoard, provides practical direction as Read More
The U.S. Treasury Department will audit every loan of more than $2 million provided under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said earlier this week. The announcement by Mnuchin comes after a public outcry over concerns some public companies and wealthy Read More
In the current environment, most businesses — except for essential business — are pretty much shuttered. Or at least their business is being conducted by a workforce that’s at home working remotely. It is very likely that for many audit engagements this year, the way that a business is processing Read More
The Institute of Internal Auditors has released a new report to help auditors address the challenges of conducting audits while working from home. The report, “Remote Auditing for COVID-19 and Beyond,” examines the challenges of remote auditing and offers strategies for overcoming them in each part of the audit engagement Read More
