Internal Audit

Internal Auditors: Want to Ensure your Value and Relevance? Raise the Bar Within Your Profession

Part 1 in a Series Exploring the "Auditor of the Future" In this first installment, Protiviti's Jim DeLoach and Brian Christensen discuss the nature of the relationship between the "auditor of the future" and the board of directors with respect specifically to risk – which remains central to the internal audit function. with co-author Brian Christensen Just over three years ago, Protiviti released an issue of The Bulletin which introduced what we called the “future auditor” vision. This vision was then (and...

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How Counsel Relationships Can Increase Scrutiny

Rethinking Independence in Internal Investigations Demonstrating and ensuring independence in internal investigations is a critical issue for corporate counsel to consider, especially when facing or anticipating parallel regulatory probes. How to properly do so is a nuanced process: as this piece explores, it is not as simple as the binary question of whether counsel conducting an internal investigation had a previous working relationship with the company. with co-authors Nell Clement and Josh Malone For a company under actual or potential...

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CIOs: 5 Big Data Operational Changes to Make Now

Preparing Your Organization for GDPR Compliance The threat of a $24 million fine is enough to make any organization sit up and listen to what changes they must make to adhere to new European Union laws on data protection. But, in preparing for General Data Protection Regulation (GDPR), are U.S. companies focused too much on the “data” in their big data clusters? David Dingwall, of Fox Technologies, believes so. He says putting these clusters through GDPR compliance is dependent on...

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Data Analytics Becomes Reality

4 Techniques for Auditors While data analytics in audit has been discussed for more than two decades, most internal audit teams are just beginning to make serious investments to embed analytics in their engagements and processes. Vendors highlight techniques such as predictive and prescriptive analytics; however, it is often unclear what these techniques entail and how they can be applied by audit departments. with co-author Barton Edgerton Data analytics has been discussed by the audit community for decades. Auditors and other assurance professionals of a certain age might well remember “computer-assisted auditing...

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The Challenge of Auditing and Monitoring Your Distributors

Moving Beyond Routine Contract Provisions If companies are to maintain a commitment to risk mitigation, they must keep an eye on (and extend its oversight to) distributors – as well as sub-distributors and sub-sub-distributors. This will mean leveraging distributor relationships and using a variety of tools and strategies to conduct compliance and financial audits. Limiting oversight to strictly formal audits is an unnecessary restriction on the company’s ability to mitigate risks. Whether you are in the high-tech industry and managing...

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Internal Audit Awareness

May is Internal Audit Awareness Month. What better time to discuss the challenges that come with preparing for audits and what companies can do to be better prepared? This article highlights trends in IA, insights into how auditors can continue to push their organizations forward and advice on how to better manage communication with the board by making education a priority.

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How to Conquer the Compliance Audit

Ahead of a compliance audit, the goal should be to identify and resolve compliance risks before they become significant problems. Preventive measures save resources by eliminating the cost of noncompliance and damage to reputation, helping to create new business and maintain a competitive advantage.

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Key Risk Themes for Internal Audit in 2017

Audit experts from CEB present the findings of the company’s annual Audit Plan Hot Spots report, which is based on interviews and surveys with more than 150 Chief Audit Executives. This article outlines the major risks CAEs plan to track closely this year – both expected risks and new and surprising themes.

colleagues reviewing financial reports

Management’s Annual Report on ICFR

Many public companies are in the process of preparing their annual 10-K reports for the SEC, and for these firms, it’s critical that management have a full understanding of the disclosure requirements. Ron Kral addresses several of the key challenges and questions organizations may have in conducting an effective ICFR evaluation.

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2017 Audit Committee Agenda Considerations, Part 2

Financial Reporting Issues Last month, Jim DeLoach shared four enterprise, process and technology risk issues for audit committees to consider this year. This month’s column focuses on financial reporting – the heart of the audit committee’s agenda. Read on for six additional issues every audit committee should be discussing.  By: Jim Deloach In last month’s column, we suggested four enterprise, process and technology risk issues for audit committees to consider in 2017. Understand the business, technology and other risks that...

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Staying Audit-Ready as Regulators Make Compliance a Top Priority

How to Demonstrate a Commitment to Compliance Regulatory authorities for the financial industry will be focused on companies' risk management and compliance programs this year and for the foreseeable future. That's reason enough to make risk management and compliance a priority. By: Guy Talarico We’re only a few weeks into the year, and some of us have already broken resolutions we intended to keep. For compliance officers, there’s still time to assess and resolve to address shortcomings in their compliance...

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