The professional association for internal auditors in the United Kingdom and Ireland has issued a draft version today of a new “Code of Practice” that is says will promote more extensive access for internal auditors. The draft, issued by the Chartered Institute of Internal Auditors, is intended to strengthen corporate Read More
The State Bank of Pakistan has issued some new standards for financial firms on internal audit and the oversight of the function. The new internal audit guidelines set forth several requirements for how the function is structured and governed. Banks and other companies that meet the state definition of a Read More
The Center for Audit Quality reminded internal auditors that they have a role to play in the regular assessment of the job that the external auditor is doing. In an update to its External Auditor Assessment Tool, released today, the CAQ states that while the audit committee should lead the Read More
In the post–Sarbanes-Oxley world, internal auditors have increasingly assumed a larger role in corporate governance. For example, Deloitte notes that “if not for the internal audit profession, the business landscape would likely be littered with significantly more disclosures of material weaknesses and revelations of noncompliance with the [Sarbanes-Oxley] Act” (“Optimizing Read More
As internal audit teams work on their audit plan for 2019, a new report sheds light on where some of the trouble spots are likely to occur for companies, and where internal audit may want to consider focusing its scrutiny and assurance efforts. Last week, technology research firm Gartner issued Read More
(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
Good corporate governance doesn’t happen automatically, even when a great board and senior management are in place. Effective corporate governance is the result of several elements and functions coming together, including organizational policies, processes, and cross-functional interactions. And internal audit has an important job to do to ensure those elements Read More
Here are five steps to conducting an expert fraud investigation, and five common investigation mistakes to avoid. When you are assigned by senior management, the audit committee, or your superior to head a team of professionals to conduct a fraud investigation, what do you do? You have two options: embrace Read More
(Photo: Audit Report by Nick Youngson CC BY-SA 3.0 ImageCreator) The Center for Audit Quality has issued some much-needed guidance on critical audit matters (CAMs), a new reporting requirement that external auditors will need to start including in their audit reports as early as next year. While the new requirements Read More
More companies are providing compliance and ethics training for board members in light of the recent string of sexual harassment charges at several organizations and the emergence of the #MeToo campaign, according to a new report. But many companies still provide little or no specific sexual harassment training to directors, Read More
