Posts Tagged ‘internal audit’
Fiat’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…
Read MoreRobot to Talk AI at Audit Conference
I fully support more use of artificial intelligence in corporate compliance and audit, but this is next level: an auditing conference in Dubai next month will feature an artificial intelligence program delivering a talk on AI. The AI program, which exists in a humanoid robot named Sophia, will speak at the 20th Annual Regional Audit…
Read MoreOperational Resiliency, Part II
Well this is convenient: one week after we had a post exploring the intersection of operational resiliency and compliance, two examples of the issue ripped from the headlines show just how much this obscure idea has real impact on compliance professionals’ lives. First, one of the Federal Reserve’s top regulators said last week that the…
Read MoreReport: SOX Compliance Still a Pain
Internal auditors might want to look at a new report on Sarbanes-Oxley compliance that paints a rather drab picture of things these days: SOX compliance duties crowding onto your plate, costs going up, and compliance teams adopting new technology at a pace less than people might like. The report, from the SOX Professionals Group and…
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