The latest Global Internal Audit Common Body of Knowledge (CBOK) Stakeholder Study report, Auditing Strategic Risks: Practical Insights from Internal Audit Leaders, reveals that nearly two-thirds (64 percent) of stakeholders want internal audit to take a more active role in strategic risks. Many chief audit executives are reporting they are Read More
Every company must have a deliberate plan to prevent and detect fraud and should never underestimate the potential of an attack from within. According to a recent report to the Nations on Occupational Fraud & Abuse, the typical organization loses 5 percent of revenues each year to fraud. To learn Read More
A new report from consulting firm Protiviti takes a close look at several companies’ audit departments as they attempt to adopt new technologies or help the business through digital transformation. The publication highlights the achievements of such companies as Accenture, Conservas La Costeña, Heineken, JP Morgan Chase, Juniper Network, Panera Read More
The U.S. House has approved a sweeping overhaul of bank regulations, sending to President Donald Trump a bill that will give him a chance to make good on his vow to “do a big number” on the Dodd-Frank Act. The new legislation will repeal several provisions of Dodd-Frank, adopted in Read More
In the wake of a blistering report that branded the city of Santa Fe’s one-person internal audit department as ineffective and incompetent, the city is moving forward with a plan to outsource internal audit and all audit functions in the upcoming fiscal year. The city finance committee endorsed a recommendation Read More
Advertising spend is often a “black box” at many companies and when budgets and economic conditions are tight, it can be the first area to be cut. The correlation of ad spend to revenue is usually not well understood, while spending reductions will presumably flow directly to the bottom line. Read More
Internal audit and risk expert Norman Marks recently blogged on the topic of why internal audit findings sometimes go ignored. Indeed, there have been several recent examples where an organization experienced a public failure even though the issue had previously been identified and reported by the internal audit team. “When Read More
Companies will need to be more transparent about the management of employee data or risk getting caught on the wrong side of the European Union’s General Data Protection Regulation. GDPR takes effect May 25 and builds upon existing European data-privacy rules to protect personal identifiable information and to empower the Read More
For years, auditors have used interviews and workshops to conduct successful company assessments. As more businesses become digitized, auditors need to blend those traditional techniques with a more data-driven approaches. In the face of higher expectations for accuracy, internal audit departments need to take note: big data is changing the Read More
Following a series of embezzlement cases involving accounting and internal audit staff at state entities, the Financial Comptroller General Office of Nepal is considering putting in place a legal requirement to make internal auditors of government entities get licenses. The agency says it could help internal auditors avoid conflict of Read More
