The Center for Audit Quality is offering some guidance to audit committees on how to ensure that senior management is ready to adopt the new lease accounting standards that take effect at the start of next year. Preparing for the Leases Accounting Standard: A Tool for Audit Committees is designed Read More
The city of Atlanta’s internal audit function warned city officials of various cybersecurity vulnerabilities months before a recent ransomware cyberattack that has crippled its IT systems. An internal report detailed how Atlanta’s IT systems could easily come under attack if they weren’t fixed immediately, an internal audit obtained by the CBS Read More
As we contemplate trust and transparency in business against the backdrop of unethical sales practices events over the last year—think Wells Fargo—and the need to prioritize customers’ needs and expectations over the sales journey, the various customer touch points along the value chain come to mind. For many companies, moments Read More
In his latest blog post, internal audit and risk expert, Norman Marks, writes about the need to perform an audit that assesses whether management has a system of internal control that provides reasonable assurance of compliance. “There’s a lot of talk about auditing culture and other significant sources of risk,” Read More
Facebook on Sunday faced a backlash about how it protects user data, as lawmakers demanded that the social media giant explain how a political data firm with ties to President Trump’s 2016 campaign was able to harvest private information from more than 50 million Facebook profiles without the social network’s Read More
Overall compliance with Apple’s code of conduct for suppliers is improving, but the number of serious violations of its policies doubled in 2017, the company reported, based on a series of audits of major suppliers conducted in 2017. For its latest Supplier Responsibility Progress Report, Apple audited 756 suppliers spanning Read More
President Donald Trump’s announcement that his administration plans to impose tariffs on foreign-imported steel and aluminum threatens to land the United States and its trading partners into a global trade war. That prospect raises serious risks for U.S. companies in several industries that internal audit leaders and risk managers may Read More
The most pressing concerns for internal audit this year will hinge on cybersecurity preparedness, updating internal audit amidst rapid business innovation, culture risk management, and new regulatory reporting compliance. It will therefore be important for chief audit executives to chart a path toward impacting and influencing their organizations. But to Read More
When Steve Wynn became the subject of allegations that he committed a series of sexual assaults, shares in his eponymous gaming company plunged 18 percent. Wynn is just the latest in a raft of sexual harassment and gender-based violence claims that have spread through the finance, technology, media, and other Read More
Based on a software development framework, agile internal audit is the mindset an internal audit function adopts to focus on stakeholder needs, accelerate audit cycles, drive timely insights, reduce wasted effort, and generate less documentation. Agile prompts internal auditors and stakeholders to determine up front the value to be delivered Read More
