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.
Navigating the COSO internal control cube is no easy task; there are more than 1,000 combinations to consider between the 17 Principles and the related Points of Focus as put forward in 2013. Here are some practical starting points and guidance for assessing risks and addressing them before signing off to the public.
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.
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.
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...
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...
Only 13 percent of Chief Audit Executives (CAEs) believe their firm performs “very well” when sourcing and managing internal audit talent, according to a recent survey by PwC. Using data collected from 1,600+ CAEs, PwC Partner Jason Pett recommends four strategies to help bridge the internal audit talent gap.
New year, new plan. January is the perfect time to reflect on successes and shortcomings from the previous year and to make a plan for improvement. Candela Solutions’ Ron Kral has compiled a top 10 list of tips leaders can use to set their organizations up for success.
In the latest Bulletin from global consulting firm, Protiviti, the top agenda items for audit committees to consider in 2017 are outlined, including issues related to enterprise, process and technology, risk and financial reporting.
This report delves into four key elements to building an effective internal audit talent strategy, which includes talent acquisition, mentoring & development, strategic sourcing and performance management. PwC has just published a new paper on the growing talent gaps in the risk management industry -- namely in the internal audit profession -- and what companies can do to bridge the divide. According to another recent PwC study, only 13 percent of Chief Audit Executives (CAEs) believe their teams are very...
Pricing in the shipping industry is complex, and businesses are often overcharged unintentionally. Freight invoice auditing saves businesses money, lightens the administrative load for the accounts payable department and gathers valuable business intelligence to help companies make more informed decisions, turning it into a necessity for companies with high-volume shipping.
In this article, Dan Zitting, Chief Product Officer at ACL, gives an in-depth analysis of the future of the traditional auditor, offers tips for innovation and progress in the industry, gives transformation examples from the field and explains a three-fold mandate for innovation and forward progress in the audit, risk and compliance professions.