Internal Audit

Today, Internal Audit is in a state of rapid transformation, thanks largely to cloud technologies. IT is rapidly modernizing our data centers from virtualization to software defined data centers so as to build out increasingly sophisticated private clouds.

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.

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...

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.

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...

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.

It sometimes happens that, even though you've identified a considerable risk and made a compelling case for addressing it, the management doesn't see the light, or agree with your findings. Frustrating for an audit professional, given that your effectiveness is measured by outcomes and, in cases such as these, your hands are tied. Then what?

For publicly traded companies subject to SEC periodic reporting, now is the time to take serious action in transitioning from COSO’s 1992 framework to its 2013 framework.

It is often said that being on an audit committee is a part-time job with full-time responsibilities. It’s no wonder when you consider the broad and critical role that the audit committee plays. In essence, every audit committee’s role is to stand objectively in the gap between management, the external auditors and the people who provide the capital to make it all happen, ensuring that those capital providers receive complete, accurate and timely financial information that has been subjected to...