Internal Audit

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Advance Preparation for an OCR HIPAA Audit

8 Tips to Implement Now Shane Whitlatch, EVP at FairWarning, outlines the key controls companies should have in place to quickly and confidently respond to an OCR audit should they be selected. The best time to prepare for an audit is before you’re in one. Fortunately, requirements for various regulations are widely available so that there’s no guesswork involved and you can make sure you’re compliant ahead of time. So, you can start preparing for an Office of Civil Rights...

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State of Internal Audit 2018

Impact and Opportunities MetricStream’s latest survey on the state of internal audit finds auditors focused on delivering timely insights on key risks, aligning audit planning with business strategy and improving audit processes and operational effectiveness. Manu Gopeendran details the survey’s findings. For years, internal auditors have been the eyes and ears of the enterprise, providing assurance around the efficacy of risk mitigation strategies and controls. But today they are being asked to do more – to go beyond simply protecting...

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4 C’s to Increase the Value of Internal Audit

Protiviti’s Jim DeLoach explores how to bolster internal audit’s efforts in providing recommendations that are strong, actionable and in keeping with the board’s expectations. We’ve always believed that boards should ensure that their organizations maximize the full potential of internal audit. There are four C’s directors should consider when evaluating the sufficiency of any risk-based audit plan: culture, competitiveness, compliance and cyber. We’re not suggesting they are the only things a board should consider, but they should be on the...

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“Gone are the Days of Rigid Lines of Defense”

Key Insights and Trends from the MetricStream GRC Summit 2018 MetricStream’s 2018 Summit in Baltimore saw several hundred business executives, government leaders, GRC practitioners and industry analysts gather to talk GDPR, strategies and solutions for building better governed, more compliant organizations and more. Gaurav Kapoor, MetricStream's Chief Operating Officer, shines a spotlight on some of the event’s key takeaways. From June 3-6, several hundred business executives, government leaders, GRC practitioners, and industry analysts gathered at the GRC Summit 2018 in...

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ERM is Dead! Long Live ERM!

Driving Change to Improve Resilience and Agility Enterprise risk management (ERM) is a framework organizations use to manage risks and seize opportunities related to the achievement of their objectives. More and more frequently, upper-level management refuses to acknowledge ERM properly, which leads to missed opportunity and lost revenues. Read more to find out what world-renowned entrepreneur Peadar Duffy has to say about ERM and its business implications. ERM is Dead! I spent a couple of hours talking with the senior independent...

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MetricStream Research Reveals Top Priorities for Internal Audit in 2018

Building Risk Awareness and Aligning with Business Strategy MetricStream’s latest survey on the state of internal audit finds auditors focused on delivering timely insights on key risks, aligning audit planning with business strategy, and improving audit processes and operational effectiveness Palo Alto, California (July 10, 2018) – As part of its ongoing efforts in understanding industry trends,  MetricStream Research announced today the findings of its latest survey, State of Internal Audit 2018 - Impact and Opportunities. The survey evaluated 600 organizations from 15...

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90 Percent GDPR-Audit Failure Rates Ahead

(And That’s OK) The penalties for GDPR violations can be ruinous. But do organizations need to worry? Terry Ray suggests that while compliance is necessary, most companies can rest easy. May 25 has come and gone. The European Union's General Data Protection Regulation (GDPR) has gone into effect. The first GDPR lawsuits have already been filed. And the world still turns. GDPR promises to be the furthest-reaching and most complex data-protection regulatory scheme the world has known, for the following...

Transforming IT Audit in the Digital Era

Transforming IT Audit in the Digital Era

Robotic Process Automation and Other Key Advances A number of technological advances are emerging that, when implemented by IT audit, will upend the traditional approach to IT auditing. Among the advances: robotic process automation, advanced analytics, and process mining. Protiviti’s Andrew Struthers-Kennedy and Ashley Cuevas explore several changes coming to the IT audit function, and how each will increase the department’s business value. with co-author Ashley Cuevas Organizations everywhere are progressing on their digital journeys at a healthy clip. They’re...

Markit Launches CRS Due Diligence Solution

Auditing the Due Diligence Process

Given its tendency to be overshadowed by the more exciting aspects of the M&A process, internal auditors can contribute significant value by ensuring that a vibrant due diligence process is in place and operating as intended. A rigorous audit of the M&A due diligence process can help companies take advantage of legitimate new business opportunities, while at the same time help them minimize risks.

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Tips to Achieve Consolidated Audit Trail (CAT) Compliance

How to Overcome Technological Roadblocks What a time to work in the GRC field: new technologies are constantly emerging to help companies meet their regulatory obligations. At the same time, many fragmented requirements have piled up over time. Chris Ekonomidis, Head of U.S. Business Consulting at Synechron, discusses the three main hurdles organizations must overcome to ensure Consolidated Audit Trail (CAT) compliance. In order to keep track of the plethora of data generated every day across different trading markets, many...

A Global Look at IT Audit Best Practices

A Global Look at IT Audit Best Practices

Global consulting firm Protiviti and global business technology professional association ISACA have released their annual report, A Global Look at IT Audit Best Practices. Key findings from the survey of more than 1,300 IT audit and internal audit leaders and professionals include: Privacy/cybersecurity was cited as the top concern for the second year in a row 37% percent of businesses did not address cybersecurity within their audit plans, citing lack of resources as the primary reason Half of all organizations polled have a dedicated IT audit director (or equivalent...

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