ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

Compliance 105

Compliance Technology 105

Audit Board

JANUARY 17, 2023

Stop trying to perform risk assessments alone! Internal audit is part of an organization’s assurance program. Auditors should collaborate with business leaders, other assurance teams, and other departments that are performing risk assessments in order to gain a comprehensive perspective on their risks.

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Robert Berry

JANUARY 16, 2023

Many are afraid of the implications it might have on audit reports. We are supposed to be … The Real Chat GPT Risk Auditors Missed – Auditing Artificial Intelligence Read More ». Reading Time: 6 minutes Auditors everywhere have been talking about Chat GPT. If you haven’t heard of it, where have you been?

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Internal Audit 360

DECEMBER 8, 2022

GUEST BLOG. Editor’s Note: The views expressed by the author do not necessarily reflect the views of Internal Audit 360 ° , as we seek to bring varied and provocative ideas to our readers. T he idea that audit plans should be risk based is so old and widely accepted that we rarely give it a second thought.

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EBITDA Market Risk Marketability 52

Audit Board

JULY 14, 2022

Trying to keep up with emerging risks can be exhausting. In my current role as a Senior Risk Manager in an IT SOX assurance team at Verizon, I am always concerned about staying ahead of emerging risks so we can address anything critical before it becomes a problem. . Two-Part Strategy for Auditing Emerging Risks.

Start-ups 52

Start-ups Specific Risk 52

Audit Board

AUGUST 29, 2023

But the 2020s are a different kind of chaos, with one risk-disruptive crisis after another, from COVID, supply chain woes, and war in Ukraine to inflation, waning confidence in banking and the capital markets, climate impacts, domestic political polarization, and more. The world has always known chaos.

Technology 52

Technology Compliance Start-ups Banking 52

ThomsonReuters

MAY 17, 2023

As we complete our examination of the impacts of SAS 145 for tax and accounting professionals, we’ll build on our previous posts on risk assessment , documentation and analysis , and balancing scope and complexity in auditing. The answer: those IT controls that impact the risk of material misstatement at the assertion level.

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Technology 52

ThomsonReuters

DECEMBER 9, 2020

It will come as no surprise after the year we’ve had: the growing risk of fraud in the 2020 year-end audit is real. A number of audit clients have been struggling to survive the COVID-19 pandemic. It also means that fraud risk is increasing. Fraud risk goes up a lot.

Technology 83

Technology 83

Internal Audit 360

SEPTEMBER 30, 2022

Q: Why have concerns about greenwashing risks accelerated in 2022? Q : How might organizations be exposed to greenwashing risks? Q : What role should internal audit play in identifying and mitigating greenwashing risks? A: Firstly, audit can challenge the commitments being made by management.

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Audit Board

NOVEMBER 28, 2022

In a world full of systemic risks, data-enabled risk awareness is vital to support organisations in identifying how effectively these threats are being mitigated. . Now is the time to stay as close to senior management as possible to understand how integrated their risk view is, and data analytics is a key ingredient.

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Finance Marketability 52

Audit Board

MAY 9, 2023

If you’ve got positions as a company, or if you’ve got risk, the related things like achieving 1.5 There are fears that the rise in wholesale energy prices is having the effect of reducing the amount of money available for green investment. degrees Celsius above pre-industrial levels. degrees commitment.

Start-ups 52

Start-ups Finance Marketability 52

Audit Board

SEPTEMBER 22, 2022

In our Spotlight on Success series, Chris Patrick, Head of Internal Audit at Figure Technologies , shares how his team saved time and streamlined communication touchpoints with business stakeholders by implementing AuditBoard as a single source of truth. I’m the Head of Internal Audit at Figure Technologies. My name is Chris Patrick.

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Compliance Technology Banking Equity 52

Audit Board

MARCH 31, 2022

In our Spotlight on Success series Ashley Martin, Internal Audit Manager at Texas Farm Credit , and Jake Varner, Senior Credit Reviewer at Texas Farm Credit, share how their four-person audit team leverages AuditBoard to provide real-time visibility into risk and mitigation efforts for the business.

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Robert Berry

MAY 18, 2020

Reading Time: 4 minutes “Social media is the biggest risk your organization faces.” At that moment I felt like I was on … Are you auditing your biggest reputation risks? This is how I started a presentation at the Institute of Internal Auditors, Pensacola, Florida chapter meeting. Read More ».

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ThomsonReuters

MAY 16, 2024

In the ever-evolving landscape of auditing and accounting, the Public Company Accounting Oversight Board (PCAOB) has taken a significant step forward with the adoption of a new quality control standard, QC 1000. This new standard marks a pivotal shift from the outdated frameworks that have governed the auditing realm for decades.

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Accounting Firms 52

ThomsonReuters

DECEMBER 8, 2023

Jump to: How AI is transforming audit AI-Assisted Decision Making in Thomson Reuters Cloud Audit Suite Ready to transform audit? How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations.

Technology 98

Technology 98

Internal Audit 360

APRIL 25, 2024

GUEST BLOG POST I believe just about every internal audit executive would agree with me that our independence from management is critical. That means that they are not able to stop or change our audit reporting, our opinions, or our assessments. We want to know: Their concerns about risks and controls.

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Banking 52

ThomsonReuters

NOVEMBER 2, 2023

It also revises the definition of significant risk so that auditors will be focused on where the risks lie on a spectrum of inherent risk. This new standard supersedes the existing guidance in AU-C 315A and amends other sections related to risk assessment and assessing control risk. Focus on the risk itself.

Compliance 105

Compliance Technology 105

Internal Audit 360

MARCH 28, 2024

GUEST BLOG POST T his may be an odd question to ask, but as a leader of internal audit and risk management it was an important issue for me: Where should internal audit sit in any given organization? ” See also, “ To Whom Should Internal Audit Leaders Report?” Ready access to management and staff.

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Internal Audit 360

OCTOBER 11, 2022

GUEST BLOG. dropcap]O[/dropcap]ver my long career, I have often heard, in one form or another, the phrase: “You just can’t audit that!”. The first time I heard it came when I was an internal audit manager for a financial institution. I hired an expert to lead the first audit with me as his assistant and pupil.

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Compliance Marketability 98

Internal Audit 360

APRIL 27, 2023

GUEST BLOG A s a consultant, I review internal audit departments at multiple financial services organizations each year while conducting Quality Assurance Reviews. What Is Internal Audit, Exactly? Let’s start by clearly defining Internal Audit. Quality Control Is not Internal Audit!

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Compliance Technology 98

Norman Marks

JANUARY 19, 2023

I have seen several articles and blog posts lamenting the apparent fact that internal audit teams are not spending a large percentage of their audit plan addressing ESG risks.

Compliance 69

Compliance 69

Internal Audit 360

JULY 20, 2023

GUEST BLOG POST A few years ago, I was privileged to be a member of the Institute of Internal Auditors’ Relook Task Force. That lead to the development of the Core Principles of Internal Auditing , which were published after approval by the IIA’s board. That sharing is often not included in formal audit reports.

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Internal Audit 360

NOVEMBER 22, 2023

GUEST BLOG POST A s internal auditors, we provide assurance, advice, and insight on the system of internal controls over the more significant risks to enterprise objectives. We may also audit risk and governance practices, and how information and systems are protected. No, instead he asked them how they made decisions.

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Technology 52

ThomsonReuters

JANUARY 8, 2024

AI-powered software can handle large volumes of data with speed and accuracy, significantly reducing the risk of human error. By analyzing historical data and market trends, AI algorithms can provide valuable insights into potential risks and opportunities. It’s all about the data.

Data Analysis 101

Data Analysis Compliance Technology Banking 101

ThomsonReuters

APRIL 30, 2024

In the world of accounting audits, accuracy and completeness are paramount. Let’s take a closer look at the importance of accuracy and completeness in audit data review and how leveraging technology can enhance audit quality , efficiency, and effectiveness.

Data Analysis 52

Data Analysis Technology Start-ups Compliance 52

ThomsonReuters

NOVEMBER 29, 2023

This, in turn, puts tax departments at greater risk for even more audits and stiffer penalties. During the webinar, panelists discussed ways to reduce risk, avoid audits and potential penalties, and explore solutions to the challenges ahead. ” Mikulaninecova said. . ” Mikulaninecova said.

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Compliance Technology Marketability 98

Audit Board

JANUARY 2, 2023

My tradition for the past several years has been to embrace my first blog of the year as an opportunity to set out timely, issues-focused New Year’s resolutions for our profession. When identifying strategies to help you increase internal audit’s impact in 2023, where better to begin? Our focus must be on the risks. .

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Compliance Technology 88

Internal Audit 360

DECEMBER 21, 2023

There’s consternation, for sure, over how things like artificial intelligence, increasing digitalization, the data of everything, climate change, political uncertainly, and geopolitical tension will impact the business world as a whole and internal auditing in particular. Sounds like a job for internal audit.

Start-ups 116

Start-ups Technology 116

Audit Board

APRIL 13, 2022

With rising inflation and supply chain bottlenecks, companies are looking for ways to manage risks and expenses. Relationships with third parties who are vital to supplying goods, materials, and services is an evergreen risk that has become even more critical during the COVID-19 era. How Does Your Third-Party Partner Manage Risk?

Compliance 98

Compliance 98

Audit Board

MAY 6, 2022

Audit committee members have oversight of internal audit, but time together is often limited to just four meetings each year. Read on and download the PDF below for a checklist of questions for audit committee members to ask the CAE to set expectations, drive meaningful communication, and dig deeper into organizational risks.

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Compliance Technology Specific Risk 98

Internal Audit 360

FEBRUARY 16, 2023

In 2020, the IIA embarked on a project, headed by its International Internal Audit Standards Board, to completely overhaul its professional practice standards. Create a new section on the “Purpose of Internal Auditing.” ” Add nuances for public sector, small internal audit functions, and advisory services.

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ThomsonReuters

APRIL 24, 2023

At the core of every audit is the identification and assessment of risks of material misstatement, which is critical given the potential impact on a company’s financial position. Despite this, 25 percent of recent peer review comments have been related to failure to understand and/or document risk of material misstatement.

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Compliance Technology 59

Audit Board

JUNE 3, 2022

Environment, Social, Governance (ESG) is a framework for assessing risks to a company’s operations related to large-scale, long-term environmental, social, and governance issues. An ESG audit will also substantiate the accuracy of any ESG-related data your organization discloses to employees, stakeholders, and regulatory entities.

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Compliance Start-ups Equity Finance 98

Internal Audit 360

MARCH 29, 2023

GUEST BLOG POST O ver recent years, I have found myself watching various specials on TV about the mythical Bigfoot creature. Data conformance to hypotheses is critical when testing full datasets and positions internal auditors to size issues more precisely with a clear audit trail for all exceptions. We trust but always verify.

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Banking 98

ThomsonReuters

JUNE 28, 2023

In a rapidly changing and increasingly competitive business environment, it is essential for audit firms to stay ahead of the curve and remain competitive. What is the role of innovation in auditing? Innovation is a crucial element of any successful business, and the auditing process is no exception.

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Data Analysis Technology Start-ups Compliance 98

Audit Board

JULY 27, 2022

Chief audit executives are in a unique position. As the head of a critical independent oversight function of an organization, the CAE operates within the typical leadership structure of the organization, but reports directly to the audit committee. . Four Ways CAEs Can Promote a Risk-Based Audit Committee Meeting.

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Compliance Technology 89