Erick O. Bell, a Senior Manager at Deloitte Financial Advisory Services LLP, presents a detailed internal control checklist that outlines 5 anti-fraud strategies companies can use to deter, prevent, and detect fraud.
According to Cheryl Klein, founder of GRC Consulting Services, fines and new regulations won’t be the biggest challenges in 2010. Rather, regardless of what industry you are in, expect to encounter these five challenges in forthcoming years.
Depending on a company’s ultimate objectives, having the correct balance within the control structure is the key to a successful internal fraud investigation.
GRC assessment and execution is a critical mandate for international businesses – even in a tough economy.
John Verver, Vice President of Services and Product Strategy for ACL Services, discusses the important of effective data analytics, and how it can provide a path to an integrated approach between audit and GRC.
Defense Finance & Accounting–Europe (DFAS-Europe), the accounting group of the U.S. Department of Defense (DOD), is the winner of the 2009 ACL Impact Award grand prize in recognition of their use of ACL technology to improve budget accountability and transparency across the U.S. Air Force.
Smith & Nephew is in the process of rolling out an Enhanced Global Compliance Programme. The Corporate Compliance Auditor position is a dedicated US-based compliance audit professional who will report directly to the Head of Internal Review in London.
ACL Services recently hosted an interview with the Hon. David Walker to discuss lessons from the economic crisis, the future of auditing, and the “critically important” role of continuous auditing and monitoring technology.
WorldCom whistleblower Cynthia Cooper is telling her story to college students and speaking out about the importance of oversight and managing corporate risk. What are some of the most important controls that should be in place to avoid risk management failure?
In this week’s roundup of Compliance News Headlines from CCI: the U.S. Chamber of Commerce has issued 23 recommendations to revamp the SEC, a new survey shows teens have conflicting views on ethics in business, and a tenet of Sarbanes-Oxley is shot down.
By David Chiang — Director of Professional Services with ACL Services Ltd.
When Siemens, one of the world’s largest companies, was recently shaken by internal fraud and abuse scandal, their corporate board members realized that they needed to enhance their ability to oversee such a large organization. The Siemens case impacted the company’s governance structures all the way up to the board and C-suite level. And board members around the globe have watched the case carefully as a cautionary tale of the inherent challenges in governing large organizations. Being a board member is a serious commitment in this regulatory age.
Board members are by law required to be good stewards of their organizations, which means that when compliance risks and key exceptions emerge, the board (and its designated audit committee) need to be informed immediately. That’s why today’s strongest boards are developing better, more direct reporting relationships with the Chief Audit Executive (CAE). In the past, the relationship between the board and the internal audit department was focused on financial reporting, with a strong emphasis on financial statement audits and other public disclosures. Today, boards need to view the CAE as their “agent on the ground” – an independent leader who can provide objective, targeted insight into regulatory compliance, business processes, and corporate controls.
As the board chair of a university and a member of several audit and finance committees including that of billion-dollar community not-for-profit organization, I’ve seen first-hand why it’s critical to establish and support an effective internal auditing department. Internal audit needs to comply with industry best practices and develop a strong reporting relationship to the audit committee. Just as board members are playing a more active part in ensuring airtight corporate controls, the internal audit team and the CAE are expected to provide increased oversight into all areas of the business. An audit charter, agreed to and signed off at the board level, provides a formal structure to uphold this new working reality.
