Ever since the Sarbanes-Oxley Act passed in 2002, compliance with the law, known as “SOX,” has been a bit of a thorn in the side of many companies. In earlier years, companies spent millions of dollars and hundreds of employee-hours each to ensure the sophisticated controls over financial reporting that Read More
Ten things that internal audit can do when working with compliance to leverage the qualities of both functions There has been plenty written about the relationship between internal audit and compliance—from analyzing functional differences to advocating integration between the two. This continued discussion is mainly because the two functions have Read More
Like companies in many industries, banks are having a difficult time finding and retaining qualified compliance staffers. In fact, recruiting good compliance professionals has gotten so hard that the U.S. Office of the Comptroller of Currency (OCC) says that it has become a top risk for financial firms, especially regional Read More
Blowing the whistle can be a thankless job. More than one-third of respondents who reported wrongdoing and were identified as the source were either threatened with or received a reprisal as a result, according to a 2010 survey by the U.S. Merit Systems Protection Board, an independent “quasi-judicial” agency that Read More
The Securities and Exchange Commission awarded a total $50 million to two whistleblowers who assisted the agency in bringing a successful enforcement action. One whistleblower received an award of $37 million and the other received an award of $13 million. While the SEC did not disclose the identities of the Read More
Starting in April, a new regulation will require public companies and certain government owned business in Vietnam to conduct internal audits. Under a government decree (Decree 05/2019/NĐ-CP), which was issued last month, companies that are listed on a public stock exchange and those that are owned at least 50 percent Read More
French data protection regulator CNIL has imposed a €50 million ($57 million) fine on tech giant Google for failing to comply with the EU’s General Data Protection Regulation (GDPR). The EU privacy law, which took effect last May, is among the most strict set of data privacy regulations in the Read More
Editor’s Note: This is part four of a six-part series on the Internal Audit Value Chain, which can act as a blueprint for building a successful internal audit function. Click here for the other articles in the series. Quality is such an important aspect to achieving success in business that Read More
Among the many things that may keep internal auditors up at night are cybersecurity, compliance, and data security and protection, according to a recent survey by the Chartered Institute of Internal Auditors. These top three concerns significantly outrank other risk categories like human resources, regulatory change, and digitalization, although, of Read More
The past year was a busy one for internal auditors. Most internal audit shops are still coming to grips with some big underlying shifts in internal audit. The biggest trend was the acceleration in the use of technology to fulfill internal audit’s objectives. The second theme of 2018 was finding Read More
