GUEST BLOG POST With the increased focus on adding value and using more technology in internal audits, the lines have been blurred somewhat on the role internal audit should play in the organization. Internal audit functions are undertaking a wide variety of tasks and spreading themselves thin as they try Read More
As the vaccination effort continues and hope is spreading that we might be nearing the end of the COVID-19 pandemic, it’s still too early to assess the long-term impact the past year of crisis will have on daily life, the economy, and—as it relates here—the internal audit profession. Now, a Read More
Most internal audit functions spend somewhere between 80 and 100 percent of their time doing traditional internal audits, generally known as “assurance work.” Yet, many also do some level of advisory work, and aspire to do more. Many chief audit executives fret over how to allocate internal audit’s limited resources Read More
The pandemic has confronted many managers with the need to consider some belt tightening. Indeed, many organizations have been forced to delay capital investments, reduce inventory levels, furlough and lay off workers, and conduct other cost-cutting activities over the last months, as they worked to make ends meet. Internal audit Read More
Internal audit professional standards require each department to establish a risk-based internal audit plan. When focusing on the highest organizational risks, however, they are often likely to find a gap in the talents and skills needed to execute that plan. Although it may be tempting, ignoring risk-based audit projects when Read More
Timelines for security and compliance audits are largely unchanged in 2020, despite the disruptive impacts of COVID-19 on teams that are now working remotely, according to a recent survey of North American CISOs assessing the challenges facing security and compliance professionals. The survey, a joint effort between Shujinko and Pulse, Read More
Furloughs and redeployments during the COVID-19 pandemic and resulting lockdowns are wreaking havoc on the work of internal auditors in the United Kingdom and Ireland, a new survey conducted by the Chartered Institute of Internal Auditors finds. Chartered IIA surveyed more than 225 chief audit executives to assess the impact Read More
As the saying goes, “you can’t make an omelet without breaking a few eggs.” It’s likely an expression internal auditors have heard or even used themselves to characterize the tension that can result from auditing a particular function or process. The role of internal audit is to provide independent assurance Read More
Is your company transacting in Bitcoin or using blockchain to secure the custody records of digital assets? Some new guidance from the AICPA could help you get a handle on auditing them. The American Institute of CPAs updated its practice guide Accounting and Auditing Digital Assets on July 17 with Read More
GUEST BLOG Instituting and maintaining effective control systems is costly and challenging in even the best of times. Add in the instability that results from such difficulties as financial crises, regional political instability, pandemics, and others crises, and the costs and challenges are magnified. Effective control systems are costly because Read More
