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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...

Talent shortage a real risk to internal audit

How to Fix the Internal Audit Talent Gap

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.

tips for greater GRC success

Focus Points for 2017

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.

The Quest for Internal Audit Talent as Stakeholders Expect More

The Quest for Internal Audit Talent as Stakeholders Expect More

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...

It’s time for a new approach to internal audit

The Opportunity for a New Breed of Entrepreneurial Auditor

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.

The Obsolescence of the Traditional Internal Auditor

The Obsolescence of the Traditional Internal Auditor

As advances in data management and analytics make organizational data more accessible, internal audit must evolve or be rendered irrelevant. In this article, Dan Zitting, a globally recognized leader in data analysis, will illustrate this shift — what it means for internal audit leaders and how to embrace the change through people, process and technology to make internal audit a trusted and sought-after advisor in today's data-centric business environment.

The quality of an audit corresponds directly to its value

Ensuring a High-Quality Audit – Who is Responsible?

The SEC has recently brought cases against national audit firms for audit failures – the first since 2009. This development signals a shift among regulatory agencies to hold financial gatekeepers more accountable. Candela Solutions’ Ron Kral offers five tips to help firms achieve maximal value from the external audit process.

a change in PCAOB standards may pose challenges for auditors

How the PCAOB AS #18 Impacts Audit

The Public Company Accounting Oversight Board has introduced a new auditing standard, AS-18, which is likely to present some challenges for companies – and their auditing committees in particular. In short, AS-18 is meant to enable auditors to best handle “related parties,” but this means more work than making basic inquiries. Read on to learn the full impact of the new standard.

Finger pointing at the word "fraud" with a strike-through

Top Tips for Deterring Fraud – A Guide for Audit Committees

Technological advancements have caused an increase in the number of opportunities to commit fraud – and they’ve created innovative new ways to perpetrate and hide it. As a result, there has been an uptick in reported incidents over the past two years and audit committees are facing considerable challenges when dealing with the increase. Paula Loop outlines the role the audit committee can play to help deter fraud.

Prepare to Be Audited: A Lesson and Case Study in Compliance Management

Prepare to Be Audited: A Lesson and Case Study in Compliance Management

The audit preparation process can be long and tedious, as documentation has to be gathered from departments that are unprepared or disinterested in the audit process. Confusion about what is actually required, who needs to provide it and when it must be completed is par for the course. Many people are guaranteed to forget whatever it was that they did to complete the prior request or think it is different from what was previously provided, generating multiple emails to get...

Building an Effective Audit Committee

Building an Effective Audit Committee

Assembling an audit committee is child's play. Building one that will be maximally effective, however, takes more finesse. And the strategy extends well beyond selecting qualified committee members. What does the charter include? How large is the team? Are they empowered to ask the tough questions? These are all key factors influencing just how effective your audit committee can be.

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