Internal Audit 360

FEBRUARY 1, 2024

GUEST BLOG POST A t well-governed public companies, the decision to remove a chief audit executive (CAE) is ideally made by the audit committee of the board of directors, especially if the removal is “for cause” or performance. In practice, CAEs are often removed unilaterally by management without audit committee involvement.

Accounting Firms 52

Accounting Firms Compliance Banking Technology 52

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. Because Internal auditors can face similar challenges in proving their findings. We validate control designs and walk-through testing, or use data analytics to affirm operational effectiveness.

Banking 98

Banking 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.

Banking 52

Banking 52

Internal Audit 360

JULY 20, 2022

GUEST BLOG: O ne of the challenges when it comes to so-called “cybersecurity risk” is in accepting and then applying the idea that cyber is not an “IT risk.” An audit should probably include the participation of financial and operational auditors, and not be limited to the infosec experts. It’s a business risk.

Compliance 98

Compliance Start-ups Technology 98

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. This is where technology can help.

Data Analysis 52

Data Analysis Technology Start-ups Compliance 52

Audit Board

JANUARY 25, 2023

We have once again witnessed wealth destruction on a massive scale because a company didn’t regard culture, governance, risk management, or internal controls as important. Neither FTX nor Alameda had an audit committee, board meetings, or an internal audit function. Effective internal audit is the answer.

98

98

Audit Board

SEPTEMBER 20, 2023

Internal control over financial reporting, shortened to ICFR, consists of those controls that support and enforce the accuracy, reliability, and integrity of a company’s financial statements. What Does Internal Control Over Financial Reporting (ICFR) Mean? What Are the Seven Pillars of ICFR?

Compliance 52

Compliance Technology Start-ups Accounting Firms 52

Audit Board

MAY 31, 2023

Often the team is laser-focused on growing the business and achieving its goals with little thought into establishing a well-controlled environment. Creating an internal audit function early in your company’s history can bring significant long-term benefits.

Start-ups 52

Start-ups Compliance 52

Internal Audit 360

APRIL 27, 2022

While there is very little debate that the head of internal audit, usually the chief audit executive (CAE), should report functionally to the board (usually the audit committee of the board), there are some strong opinions on where it should report for administrative purposes. Approving the risk-based internal audit plan.

Start-ups 98

Start-ups 98

Audit Board

APRIL 13, 2022

Internal controls are sometimes seen as an activity that occurs after the monthly close. Accountants and IT professionals will perform their work and then complete internal control tasks once everything else is done. When standing up internal audit programs as the Director of Internal Audit at Q2 Holdings, Inc.

Compliance 98

Compliance 98

ThomsonReuters

JUNE 28, 2023

This includes ESG audit support that verifies the effectiveness of controls, as well as activities that identify gaps, assess risks, and develop a recommended plan of action. By helping your clients identify concrete targets that can be measured, you can ensure that their ESG data is practical, auditable, and meaningful.

Accounting Firms 98

Accounting Firms Compliance Start-ups Technology 98

Internal Audit 360

DECEMBER 22, 2022

From an internal audit perspective, it meant focusing on helping to make those organizations more resilient in the face of uncertainty and rapid change. As we look back on the top internal audit articles of 2022, we see many of these themes emerging in the articles that ranked the highest among you, our readers.

Start-ups 98

Start-ups Compliance 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. .

Compliance 88

Compliance Technology 88

Audit Board

APRIL 13, 2022

Internal Audit should be reviewing relationships with these parties, which often involves assessing the risk associated with the third party’s technical capabilities, business competence, and ability to meet contractual obligations. Have You Met Your Third-Party Partner’s Internal Auditors?

Compliance 98

Compliance 98

Internal Audit 360

JANUARY 6, 2022

FEATURED BLOG POST. I have always been on the lookout for clever ways to describe internal audit’s role in an organization. One of my favorites used to be “internal audit is the brakes that allows the organization to drive faster.” But more importantly, brakes are crucial to maintaining control of a vehicle.

52

52

ThomsonReuters

MAY 10, 2023

The AICPA’s Auditing Standards Board has issued SAS 145 to provide additional guidance on a number of audit-related topics. The first blog in this series focused on the new guidance around risk assessment under SAS 145 , and the second on improved documentation and skeptical analysis.

52

52

Internal Audit 360

JANUARY 6, 2022

FEATURED BLOG POST. I have always been on the lookout for clever ways to describe internal audit’s role in an organization. One of my favorites used to be “internal audit is the brakes that allows the organization to drive faster.” But more importantly, brakes are crucial to maintaining control of a vehicle.

52

52

Audit Board

APRIL 27, 2023

The internal audit function is crucial to a company’s growth. Internal auditing examines and assesses company records, workflows, systems, and processes. The audit team’s ultimate goal is to be a highly valued business partner to other segments of the organization. What Is Internal Auditing ?

Compliance 52

Compliance Start-ups Technology Finance 52

Audit Board

FEBRUARY 28, 2023

The job market is unpredictable, mass layoffs and hiring freezes are becoming more frequent, and internal audit departments are constantly asked to be more agile and do more work with fewer resources. As internal auditors, we must do all we can to stand out in our roles.

Start-ups 52

Start-ups Technology Compliance Marketability 52

ThomsonReuters

MAY 2, 2023

In the first blog in this series, we looked at the identification and assessment of risks of material misstatement. In this second post, we’ll dig into ensuring audit quality. Revised audit documentation requirements Among the new provisions in SAS 145 is the revision of the audit documentation requirements.

52

52

Audit Board

DECEMBER 18, 2022

This article originally appeared on the ISACA Blog. Having previously discussed cloud computing essentials , in this article, we’ll focus on how to tackle key auditing challenges. . Life in the cloud is less controlled. Auditing the Cloud: Top Five Challenges . How do you control and monitor user access?

Compliance 52

Compliance 52

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. SAS 145 supersedes the existing guidance in AU-C 315A and amends other sections related to risk assessment and assessing control risk.

Compliance 59

Compliance Technology 59

Internal Audit 360

SEPTEMBER 27, 2023

A mong the most difficult factors to consider before and during an internal audit is its scope, or the boundaries and objectives of the audit. Set too wide and internal auditors can feel like they are trying to boil the ocean. Done right, it can provide a roadmap for internal auditors to follow.

Compliance 52

Compliance Start-ups 52

Audit Board

DECEMBER 7, 2022

Internal audit serves as the last line of defense in this approach, integrating ESG risk and compliance considerations into the audit plan while driving discipline and controls around material ESG risks. Three Key ESG Internal Audit Planning Considerations . Data Quality: Process Control and Governance. .

Compliance 52

Compliance Marketability 52

Audit Board

APRIL 30, 2022

Over the years, I have heard many audit leaders describe the stakeholders in their organizations as customers or clients. As internal auditors, our job is to set clear expectations based on the clients’ priorities and then deliver our services to our best ability. Taking a Client Service Approach to Internal Audit.

Marketability 98

Marketability 98

Audit Board

MAY 2, 2023

Internal audit, as an objective third line of assurance, plays an integral role by providing assurance surrounding the accuracy and reliability of a company’s ESG reporting. By conducting thorough reviews and assessments, internal auditors can identify areas of risk and provide recommendations to strengthen ESG reporting.

Compliance 52

Compliance Equity 52

Audit Board

OCTOBER 16, 2023

The successful deployment of audit analytics can lead to more accurate testing, automation of audit workflow processes, and overall improved audit efficiency. 68% of CAEs would invest in more analytics if they had the resources ( The Institute of Internal Auditors’ (IIA) 2022 North American Pulse of Internal Audit Survey ).

Technology 52

Technology Compliance Marketability 52

Internal Audit 360

AUGUST 17, 2023

GUEST BLOG POST W ith the rise of artificial intelligence and ChatGPT, sometimes I think that we internal auditors will all soon be out of a job. Unfortunately, machine learning is not quite accessible for me to just ask my computer to do it… so I found an intern! Or data analytics… and internal auditing?

Technology 69

Technology Start-ups Marketability 69

Audit Board

JUNE 6, 2023

Like so many internal audit teams, we are always looking for ways to optimize our processes, new methods to introduce efficiencies, and modernization opportunities to enhance our work. This approach enables the first and second lines to address control deficiencies before the impact spreads across the organization.

Compliance 52

Compliance 52

Internal Audit 360

OCTOBER 11, 2022

GUEST BLOG. O 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. We might not have been experts in running HR, but we were experts in processes, risks, and controls.

Compliance 52

Compliance Marketability 52

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.

Compliance 89

Compliance Technology 89

Audit Board

JULY 26, 2022

This opportunity is real: The cannabis industry has gone mainstream, and it needs risk and internal audit professionals. When I left PricewaterhouseCoopers to join cannabis multi-state operator (MSO) and public company Jushi as Head of Internal Audit in 2021, people thought I was crazy — but I saw the value I could add.

Technology 52

Technology Banking Compliance 52

Audit Board

AUGUST 16, 2023

In times of economic crisis, business leadership must lean on the guidance and insights of its audit, risk, and compliance professionals to make decisions that protect value. There are a number of measures internal auditors can take to provide extra risk assurance to the business during periods of economic volatility.

Compliance 52

Compliance Marketability 52

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.

Data Analysis 98

Data Analysis Technology Start-ups Compliance 98

Audit Board

OCTOBER 26, 2023

With risks emerging and changing faster than ever, internal audit is uniquely positioned to offer insight and foresight. So why are so few internal auditors taking bold, decisive action to help their organizations understand, use, govern, and gain assurance on generative AI? So what explains the lagging use and focus?

Start-ups 52

Start-ups Banking Technology Compliance 52

Internal Audit 360

SEPTEMBER 1, 2022

I t’s easy for internal audit to get stuck in a rut. We approach the year with plans to revise last year’s internal audit plan, but in the end, we don’t change that much. We move to the comfort zone and put the audits we know how to do and the ones that seem important on the audit plan.

Marketability 98

Marketability 98

ThomsonReuters

JUNE 15, 2023

How is the growing focus on ESG affecting the audit profession? As an area that is still developing, and – from an audit and accounting standpoint – still in its infancy, it can feel a bit like the Wild West. What are some of the key challenges that audit firms face when auditing ESG disclosures?

Compliance 96

Compliance Technology Accounting Firms 96