Internal Audit

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.

In terms of efficiency, companies achieve the best outcomes when the work of internal and external audit teams is aligned. Justin Gwin makes the case that internal audit can be leveraged, in fact, to reduce external audit fees. Herein he explores just how that can be accomplished and shares how this benefits companies in the long run.

The profession of internal audit is evolving. Its role within organizations across the globe is expanding to address the changing risks companies are now facing and provide assurance regarding board members’ biggest concerns. This article addresses the importance of paying close attention to corporate culture.

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.

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 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.

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.

Advancements in technology have impacted nearly every corner of the world – the audit is no exception. Technological shifts have had an indelible impact on how and where audits are executed. PwC Assurance Partner Beth Paul reflects on 20+ years in the audit profession and what the changes mean for the workplace and for incoming auditors.

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.

Richard Chambers has long heralded the importance of the internal audit function among large corporations. It’s a stance supported by the IIA now too. All companies – but particularly those that are publicly traded – ought to have an independent and objective body assessing the effectiveness of their controls and how well their risks are being managed.

The winds of change are blowing, and internal audit is squarely in their path. Shifting demands from clients (namely Boards of Directors) and regulatory authorities will require internal audit to rethink its approach to reporting and its responsibility to educate its customers, among other practices. Read on for the second installment in a series on changes in the audit profession.