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
Pizza restaurant chain Papa John’s has hired mega law firm Akin Gump to conduct an independent audit of the company’s programs for diversity and inclusion, as well as the company’s culture. The move comes after the company’s chairman and founder, John Schnatter, resigned earlier this month over allegations that he Read More
Former Irish Nationwide Building Society (INBS) managing director Michael Fingleton has admitted he failed to read internal audit reports at the failed building lender and signed letters to the financial regulator without reading them. A Central Bank of Ireland inquiry into the lender’s €5.4 billion ($6.24 billion) collapse is looking Read More
The global members of the Institute of Internal Auditors (IIA) have approved changes to the organization’s governance structure, reducing the number of members on its global board of directors to 17 from 38 and establishing a six-member supervisory committee. “With tremendous support from our more than 190,000 members worldwide, we Read More
