Internal Audit

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.

No Internal Audit Function? Investors Beware!

No Internal Audit Function? Investors Beware!

The trickiest part of investing is determining WHERE to invest. And while a company's financial performance is top of mind for potential investors, it by no means should be the only factor considered. Remember, corporations taken down by scandals crash and burn from what looked like sure financial footing. Those with an internal audit function are less risky investments by far.

man in suit and tie looking through binoculars

3 Challenging Principles in COSO’s 2013 Framework: A Closer Look at Principles 2, 4 and 13

As companies progress well into the implementation of COSO's 2013 Integrated Framework, it's become clear that the Framework's 17 principles aren't as cut and dried as they initially seemed. The 2nd, 4th, and 13th principles in particular have been problematic for some organizations. Candela Solutions' Ron Kral offers guidance on the issues that have left many auditors scratching their heads.

Deloitte Survey Finds Companies Underprepared and Lacking Confidence to Protect Against and Respond to Reputation Risks

Deloitte Survey Finds Companies Underprepared and Lacking Confidence to Protect Against and Respond to Reputation Risks

Survey shows reputational issues have a strong impact on customer confidence, brand value, and a company’s bottom line New York, Oct. 28, 2014 – The majority of global companies (76 percent) are confident that their reputations are strong, according to the 2014 Reputation at Risk survey conducted by Forbes Insights on behalf of Deloitte Touche Tohmatsu Limited (DTTL). However, that confidence declines when it comes to protecting against and responding to reputation risks. In fact, only 19 percent of companies would award...

Auditing at the Speed of Risk!

Auditing at the Speed of Risk!

Just as risks are ever changing, so should our plans for managing them be. Internal audit must do away with tired approaches to risk management and adopt more dynamic practices in order to keep up with industry changes. Otherwise, the audit department may find themselves continually playing catch up when it comes to handling the various challenges that crop up.

PWC: Metrics By Design

PWC: Metrics By Design

A Practical Approach to Measuring Internal Audit Performance At a glance Expectations of Internal Audit are rising.  Regulatory pressure is increasing.  Budgets are tightening.  Internal audit scope is expanding.  In this environment, Internal Audit must always start with delivering increased value, but must also demonstrate its value to the organization - not just by showing how well it runs its operations - but by capturing and reporting the contribution it is making to the organization.  To do this well, leading...

man in suit holding white board with question marks

COSO 2013 Implementation: 10 Questions that Need to be Answered

A host of corporations are in the process of Implementing the new COSO Framework or are gearing up for the transition, and they'll have to establish the scope of objectives in which to apply the Framework. Candela Solutions' Ron Kral offers 10 key questions companies should be asking themselves to ensure their internal controls are up to snuff.

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