Last August, Northern Marine Management India, a shipping company located in Powai, a suburb of Mumbai, India, discovered that it has been the victim of a bold heist. The company kept gold coins that it used to honor employees at their retirements. Depending on their years of service, retiring employees Read More
GUEST BLOG POST As internal auditors, we provide assurance, advice, and insight on the system of internal controls over the more significant risks to enterprise objectives. Internal controls provide the basis, the foundation, on which management and the board rely as they manage and direct the organization to success. The Read More
GUEST BLOG POST When I was working at a Big 4 audit firm, we always used to have a clause on our reports that went something like this: “The engagement does not uncover all risks that relate from collusion between employees or with third-parties, that a more extensive review would Read More
Evolution is a process of change. In recent years we have seen a significant change in the human resources auditing process, in the value derived from HR auditing, and in the tools that companies are using to audit HR. HR audits have evolved from a simple checklist of dos and Read More
A new study finds that rapid transformation to the digital economy is putting a strain on control systems within organizations. The speed and intensity of changes, brought by the COVID-19 pandemic and rapid shifts in the economy, have disrupted staffing and increased the adoption of advanced technology, which has impacted Read More
A new study finds that organizations are reporting increases in cyber fraud and phishing scams due to rapidly changing work practices as a result of the pandemic. It also found that companies are improving internal controls and providing new resources to internal audit to fight such fraud and they are Read More
GUEST BLOG Account reconciliations and analyses are often misunderstood and thought of as routine, low level activities which add little value. On the contrary, they are important activities in the financial closing process. Indeed, reconciliations are a key internal control activity and are instrumental in identifying accounting errors and omissions, Read More
The Office of Inspector General and Department of Homeland Security found in an audit last week that the Science and Technology Directorate failed to adequately meet all internal purchase card policies and procedures. The Government Charge Card Abuse Prevention Act of 2012 requires the OIG to conduct an annual risk Read More
Due to inflationary pressures, COVID-19 impacts, and acquisitions and divestitures, external audit fees are expected to increase at many organizations this year, a new survey finds. While the survey, conducted by Gartner, found that 62 percent of companies said they expect their external audit fees to increase this year, it Read More
Grant Thornton LLP has launched cta.x, an app that allows companies and auditors to rapidly develop and deploy automated internal-controls tests, helping them comply with laws and regulations such as Sarbanes-Oxley. It will also help companies garner new insights from their internal-compliance efforts and increase the return-on-investment in their controls Read More
