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What to Do in a Recession: Lessons for Auditors From 2008

Audit Board

In 2009, The Institute of Internal Auditors (IIA) surveyed members and found that 23% of Internal Audit departments had experienced staff reductions. Another opportunity to demonstrate our value is by proactively seeking out departments that need extra help. Lesson 2: Update the Audit Plan for Recession Risks.

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E-commerce Is Booming – What Does That Mean for Me as a Seller?

FE International

Business owners have always had to be conscious of both macro- and micro-economic factors when planning. With inflationary pressures and increased national debt across most developed nations, many will be making more conservative decisions in 2022 as they expect to bear some of that burden from the government, such as through higher taxes.

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How Financial Services Audit Teams Can Add Flexibility With an Agile Approach

Audit Board

That is an important reason why internal audit must continuously monitor risks so that it can adjust its plans swiftly in response to changing conditions. The era of a single annual risk assessment to build a 12-month audit plan is over.” For many organizations, audit planning is an annual exercise.

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Strengthening Financial Services Risk Management Through Collaboration-Based Solutions

Audit Board

In particular, strategic collaboration across the three lines is essential for an effective internal controls environment in the face of increasingly complex requirements. Areas where banks are expected to face stricter rules and supervision include: Stress test models and contingency planning. Interest rate management.

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Global Minimum Tax (GMT) and the Data Dilemma

ThomsonReuters

The new legislation requires companies to widen the scope of data collected across the organization, including the addition of organizational data (e.g., Each country would be eligible to a share of revenue generated by the tax. Governments are putting more pressure on tax departments and companies for transparency as well.

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Indirect tax automation: Practical tips for companies beginning a tax transformation journey

ThomsonReuters

According to the 2021 State of the Corporate Tax Department report by Thomson Reuters Institute only one-quarter of the companies surveyed already have robust indirect tax automation tools and practices in place, while others are just beginning their tax digitalization journey. Tax automation is more than just a trend.

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Compliance Audit Basics: Definition, Types, and What to Expect

Audit Board

Compliance audits are a broad topic that can affect many organizations across different parts of an organization. in December of 2022 and plans to sunset PCI DSS v.3.2.1 The US government mandates audits for several regulatory areas across finances, transactions, health information, and information security. Who may need it?