Blockchain has recently become a topic of major concern to internal auditors. And while there is a lot of hype around blockchain, many internal auditors are just starting to ask basic questions: What is it? What can it do? How can it be used? Is it really as unhackable as Read More
Proxy advisory firms Institutional Shareholder Services and Glass Lewis are urging the shareholders of General Electric Co. to vote against keeping accounting firm KPMG. There are “concerns about GE’s previously-undisclosed liabilities and accounting practices,” noted ISS in a report on the subject. KPMG has served as GE’s auditor for 109 Read More
The Securities and Exchange Commission took aim at two compliance officers at a broker-dealer, alleging that they aided and abetted the brokerage’s failure to file reports on suspicious transactions. Aegis Capital Corp. failed to file reports on hundreds of transactions that were potentially related to the market manipulation of low-priced Read More
The newest release from the Internal Audit Foundation to support high-quality internal audit service delivery is now available. Applying the International Professional Practices Framework (IPPF), addresses the many changes included in the latest version of IPPF, such as a new mission state and the addition of a maturity model and Read More
Internal audits are becoming increasingly complex. A heavy toll is being demanded by outsourcing, the constant emphasis on controlling costs, the impact of IT, the pursuit of efficiency, the need to find and retain top talent, and changing legislation. Good personnel, with up-to-date knowledge of information security, IT compliance, and Read More
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
