Could the audit profession be in danger of dying out in the coming years? At least one professor thinks that audit (and to be clear we are talking about external audit firms that provide an independent opinion on the integrity of corporate financial statements) could be replaced in the next Read More
Effectively managing internal control for business systems is a top priority in order to prevent risks, stop fraud, keep a company secure – and experience clean, cost-effective audits. As the CTO of a security and compliance solutions company, I know companies fear audits – or more aptly, they fear failing them. Read More
Beauty products company, Avon Products, announced today that Timothy Leather has been appointed Vice President, Internal Audit. Leather, who will take the post in early December, will head Avon’s global internal audit function, an independent group reporting to the audit committee that helps mitigate financial, operational, and compliance risk. In Read More
A new survey of chief audit executives in the United Kingdom finds that more than one in three organizations has yet to do any Brexit scenario planning, despite the impending deadline for the U.K. to leave the EU. According to the Brexit Preparedness Survey, conducted by the Chartered Institute of Read More
The Securities and Exchange Commission has issued an investigative report urging public companies to consider cyber-threats when implementing internal accounting controls.
The U.S. Justice Department will put more consideration into whether or not a monitor is needed to oversee that a company is abiding by promises it makes in settlement agreements.
Most mid-size to large organizations rely on internal and external audits as a key preventative measure against fraud. The problem is, many CFOs assume that a routine financial audit will reveal financial anomalies that could be fraud. Unfortunately, quite the opposite is true. Audits almost never succeed at finding fraud: Read More
South African power company Eskom suspended its head of internal audit, Molefi Nkhabu, as it investigates a series of suspicious transactions that he signed off on. According to a statement from the company, the questionable transactions “contain inferences or conclusions which had the effect of exonerating certain previous Eskom executives Read More
Two leaders of BDO’s Nonprofit & Education Advisory Services practice, Ken Eye and Andrea Wilson, recently provided a list of “top 10 challenges keeping internal auditors up at night, and possible remedies to help continue the critical work.”
(PHOTO: Commonwealth Bank Branch office, by Maksym Kozlenko, used under CC BY-SA 4.0, Wikimedia Commons) Still reeling from a series of scandals and failures, Australian internal auditors are demanding some changes that would give them more power to obtain information and more independence from management. According to a report in Read More
