Posts Tagged ‘internal audit’
Grappling With Artificial Intelligence
Later this week I’ll have the privilege to moderate a panel discussion on artificial intelligence at the Society of Corporate Compliance & Ethics’ 2021 conference — and as fate would have it, COSO published guidance last week on the risk management challenges around AI. So let’s dig into the subject, since clearly the universe is…
Read MorePortrait of Internal Audit Teams, Squeezed
We have two new reports this week on the predicament of internal audit functions, trapped between the need to provide better risk analysis during the pandemic and corporate overlords a bit less than willing to fund your need for better technologies. The first report came from research firm Gartner on Wednesday, and found that for…
Read MoreA Tale: Audit vs. Compliance
My phone rang the other day; it was the U.S. compliance officer at a large global business whom I know quite well. “Hey,” he said, “you know the statistic that more than half of internal audit people have felt pressure to cover up awkward findings in their work? I have a complaint about that.” I…
Read MoreFiat’s Lessons in Audits, Disclosure
Sometimes an enforcement action cuts across numerous branches of governance failure, to offer lessons for all manner of risk assurance professionals. Such a thing happened last week, when Fiat Chrysler agreed to pay $9.5 million to settle charges that it wasn’t honest with investors about an investigation into auto-emissions cheating devices. What we have, according…
Read MoreSOX Compliance Struggles Onward
SOX compliance professionals trying to find your place in the world may want to read the latest survey from the SOX Professionals Group. It’s full of benchmarking statistics about the challenges of Sarbanes-Oxley compliance this year and the technologies compliance teams are eyeing to get the job done. The report, “2020 State of SOX &…
Read MoreIIA Unveils New Three Lines Model
The Institute of Internal Auditors has unveiled a revamped version of its famed Three Lines of Defense model for risk assurance. Perhaps the most notable change: no longer calling it the Three Lines of Defense. Instead, the IIA guide is now officially known as “The Three Lines Model” — a nod to criticism over the…
Read MoreReport: How Covid Is Changing Internal Audit
The internal audit world is bracing for big change thanks to Covid-19: tighter budgets, more risk assessments, changes to the audit plan, and — like so many others these days — lots of working from home. So says a special report published by the Institute of Internal Auditors on Monday, based on a survey of…
Read MoreCovid-19 Fraud Risks Already Soaring
Well this is just great: a new report finds that fraud is rising across Corporate America, as cyber thieves and scam artists try to take advantage of the confusion spawned by companies responding to the Covid-19 crisis. The report, published by the Association of Certified Fraud Examiners on Tuesday, surveyed more than 1,800 anti-fraud professionals…
Read MoreReport: SOX Costs, Hours Rising Again
Protiviti just released its latest report on Sarbanes-Oxley compliance practices, and internal audit professionals may want to brace themselves. Costs are rising, manhours are rising, automation isn’t happening nearly as quickly as one might hope — and that was all the case before Covid-19 made everything more difficult. The report surveyed 735 internal audit professionals…
Read MoreCovid-19’s Threat to Business Continuity
If you ever want to see one of the most maddening side effects of Covid-19, read a sadly superb story from the New York Times this weekend examining the troubles of the U.S. food industry. It paints a powerful picture of the supply chain and business continuity risks many companies will face in months and…
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