ThomsonReuters

JUNE 28, 2023

What are the challenges of ESG data collection? 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. What are the best practices for ESG data management? Help your clients develop measurable ESG targets.

Accounting Firms 98

Accounting Firms Compliance Start-ups Technology 98

ThomsonReuters

JANUARY 12, 2023

Historically, auditors spent weeks out in the field holed up at the headquarters of the company undergoing an audit. Thanks to advancements in technology — such as cloud-based solutions, teleconferencing, data-sharing platforms, and drones with cameras — remote audits are possible as long as the right tools and policies are in place. .

Technology 52

Technology 52

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

Audit Board

APRIL 20, 2022

The expansion of the SaaS business model has led to a proliferation of System and Organization Control (SOC) 2 reports to meet the needs of businesses requiring detailed information regarding their IT vendors’ controls related to security, availability, confidentiality, processing integrity, and privacy. While the Security (a.k.a

Compliance 98

Compliance 98

ThomsonReuters

MARCH 16, 2023

There are two forces within an audit team: senior staff and junior staff. For audit team leaders, both are extremely important and bring to the table unique sets of experiences and skillsets that are needed for a modern audit. What are the main types of audits? What technology is used in an audit?

Technology 59

Technology Compliance 59

ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . One of these expanded service areas is audit. . But what exactly does offering auditing services entail? What’s the difference between accounting vs auditing?

Technology 59

Technology Compliance Start-ups Accounting Firms 59

Internal Audit 360

JANUARY 3, 2024

Advanced data analytics software: Invest in cloud-based audit platforms. Continuous training: Update staff on emerging technologies and their applications in auditing. Collaboration: Work with cybersecurity experts to develop robust security protocols. ” In The Art of War , defending one’s territory is crucial.

Technology 52

Technology Business Valuation Compliance 52

Audit Board

MARCH 15, 2022

Gartner’s 2022 Audit Plan Hot Spots report calls out the supply chain as a top 10 risk that should be on every auditor’s radar. A supply chain audit reviews any or all of the activities and processes that an organization follows to deliver products or services to its customers. Contracts are critical to auditing your supply chain.

Compliance 98

Compliance Start-ups 98

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. Read on for everything you need to know about internal auditing.

Compliance 52

Compliance Start-ups Technology Finance 52

ThomsonReuters

JANUARY 20, 2023

Firms are now turning to audit talent with new skillsets to help them navigate new challenges. New paths for audit talent It isn’t news that the rise of technology caused dramatic changes in the audit profession. More than ever before, today’s audit talent needs more than technical skills.

Data Analysis 59

Data Analysis Technology 59

ThomsonReuters

SEPTEMBER 2, 2021

Is this an audit, and what should we expect if it is? ANSWER: The request for documents probably does signal the beginning of a DOL civil investigation (often referred to as an “audit”). We strongly advise seeking the assistance of experienced legal counsel to assist with a DOL audit. Investigation Findings.

Compliance 98

Compliance 98

ThomsonReuters

JULY 6, 2023

What are APIs and how do they work? What are the benefits of tax provision software? API-powered provisioning processes can be more accurate, secure, and efficient than traditional manual methods. APIs enable consistent data capture and provide an audit trail of the calculations performed.

Compliance 92

Compliance 92

ThomsonReuters

OCTOBER 4, 2023

The Thomson Reuters ChatGPT and Generative AI survey conducted between May 3-15, 2023, found that 73% of 771 tax professionals acknowledge the tech can be used for tax, accounting, and audit work, yet only about half think that it should be. Auditing : AI-powered audit tools analyze large volumes of financial data quickly and accurately.

Accounting Firms 111

Accounting Firms Technology Compliance Data Analysis 111

Audit Board

JUNE 22, 2023

Depending on your business’s size, industry, and compliance needs, it will be subject to third-party audits. Businesses will typically choose to undergo a third-party audit with the goal of achieving or maintaining a security certification, such as SOC 2 (I and II), ISO, or PCI DSS.

Compliance 52

Compliance 52

ThomsonReuters

DECEMBER 7, 2021

‘Twas auditing busy season, when all through the firm. The organizers were ready, audit staff on call. A partner speaks up, she knows what to do. And laying her finger aside of her nose, And giving a nod, said, “Look at these audit workflows.”. Secure confirmations. Happy Audit Season to all!

52

52

Audit Board

JUNE 22, 2023

Security and privacy are typically regarded as key risks from an internal audit perspective. However, out of the disruption of the pandemic emerged a new understanding of the interwoven nature of privacy, security, and trust. For example, while there is no overarching data privacy law in the U.S.,

Technology 52

Technology Compliance 52

Internal Audit 360

DECEMBER 6, 2023

This poses significant risks for organizations, particularly for risk and internal audit professionals who are entrusted with safeguarding the integrity and reputation of the organization. What is AI Washing? This can expose an organization to cyberattacks and other security risks. Why is AI Washing a Problem?

Compliance 52

Compliance Technology Marketability 52

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. The problem?

EBITDA 52

EBITDA Market Risk Marketability 52

ThomsonReuters

JANUARY 12, 2023

Amidst a complex audit environment, today’s accountants have many opportunities to take advantage of technology and specialize in up-and-coming focus areas. One of these specialties is ESG audits. . What is ESG? What is an ESG audit? Like any audit, ESG audits can be internal or external.

Compliance 52

Compliance Technology Accounting Firms Equity 52

ThomsonReuters

JANUARY 9, 2024

The impact is likely to be significant, and tax professionals and businesses need to be prepared for what lies ahead. Advanced technology becomes indispensable in this scenario, as it streamlines data processes, supports intricate tax calculations, and secures comprehensive control.

Technology 88

Technology 88

Audit Board

DECEMBER 7, 2022

Would it surprise you that the IPPF does not require an annual audit plan? There are another 25 mentions in Implementation Guidance, but only two about audit plans that “typically are prepared annually” — but may also be multi-year — and “may be assessed annually.”. Letting go of this mistaken memory, what else should follow?

Technology 52

Technology 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. I had one of my team (who had recently completed a class in operational auditing) perform the audit.

Compliance 52

Compliance Marketability 52

Audit Board

OCTOBER 26, 2023

With risks emerging and changing faster than ever, internal audit is uniquely positioned to offer insight and foresight. So what explains the lagging use and focus? Cloud computing needed to provide a level of assurance around its security, stability, and integrity. Such was the case in cloud computing’s early days.

Start-ups 52

Start-ups Banking Technology Compliance 52

Internal Audit 360

JANUARY 16, 2024

This constant state of war demands laser focus on the areas where our defenses are most likely to breach, those insidious weak points that act like holes in a network’s security posture. Encourage the use of password managers and implement multi-factor authentication (MFA) to add an extra layer of security.

59

59

Audit Board

JUNE 3, 2022

An ESG audit will also substantiate the accuracy of any ESG-related data your organization discloses to employees, stakeholders, and regulatory entities. Read on to learn more about what an ESG audit entails and our preliminary ESG audit checklist. . What Is an ESG Audit? . What Is an ESG Risk? .

Compliance 98

Compliance Start-ups Equity Finance 98

ThomsonReuters

JANUARY 3, 2023

What’s more, having additional time to unplug and pursue personal interests outside of work can actually improve audit quality , according to 2021 research by the American Accounting Association. What challenges do auditors face today? Enter the Thomson Reuters Cloud Audit Suite. Auditors are no exception.

Technology 59

Technology Accounting Firms 59

Audit Board

NOVEMBER 1, 2023

However, once we saw a demo, I realized we had no idea what came next. What were the necessary steps to purchase software for an organization? What did the process involve? Many audit, risk, and compliance folks don’t have software-buying experience. For example, what if your organization is incurring material weaknesses?

Technology 52

Technology Start-ups Compliance 52

ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. This means that crypto audits will certainly be on the rise. . This means that crypto audits will certainly be on the rise. . So, what can accountants do to prepare for crypto audits? .

Accounting Firms 52

Accounting Firms Compliance Start-ups Technology 52

Audit Board

SEPTEMBER 19, 2023

What are your top priorities when developing a strategic IT risk program? Melissa Pici (Syniverse): We’ve seen an exponential increase in cyber attacks, IT governance issues, data security, ransomware, and killware. If you know nothing about AI , go get educated and understand what controls are operating.

Compliance 52

Compliance Technology 52

ThomsonReuters

JUNE 16, 2023

What are the risks of using outdated accounting software? Is your firm running its gears on outdated accounting technology? Given the ever-changing regulatory landscape , increase in client expectations , and ongoing war on talent , keeping pace is imperative. Unfortunately, failure to do so places firms at a significant disadvantage.

Technology 98

Technology Start-ups Accounting Firms Compliance 98

Audit Board

NOVEMBER 1, 2023

When completed in a methodical and well-scoped manner, IT risk assessments can be an extremely valuable tool for many stakeholders across the organization, including enterprise risk, audit, compliance, and security departments. What is IT Risk Management? What is an IT Risk Assessment?

Compliance 52

Compliance Technology Dividends Start-ups 52

Audit Board

MARCH 1, 2023

Devote time in the first few weeks of the new year to a thorough debrief session of last year with your SOX and/or internal audit team. In addition to following the guidance outlined in Auditing Standard 2110 and other relevant resources, the following are three keys to a successful SOX risk assessment.

Compliance 52

Compliance 52

Audit Board

FEBRUARY 13, 2023

Auditors in financial services face a broad spectrum of challenges as they tackle a dynamic and complex regulatory environment, rigid frameworks, and dated audit technology. A successful transition to agile auditing aids in overcoming these challenges and prepares the audit function for the rapidly evolving risk landscape of the future.

Start-ups 52

Start-ups Technology Banking Compliance 52

ThomsonReuters

NOVEMBER 23, 2022

October 2022 OCR Cybersecurity Newsletter: HIPAA Security Rule Security Incident Procedures (Oct. OCR has released its latest cybersecurity newsletter on the importance of having policies and procedures to detect and respond to security incidents. Responding to Security Incidents. Available at [link]. Documentation.

Compliance 52

Compliance 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. In audit, you track everything.

52

52

Audit Board

SEPTEMBER 20, 2023

During our practitioner days, we were often disappointed when internal audit reports we labored long and hard to craft often landed with a deafening silence. Through delivering training to internal audit teams across the world, Sara has seen both entrenched habits and a desire for change. The report is being reviewed by kittens.

Start-ups 59

Start-ups Compliance 59

ThomsonReuters

MARCH 19, 2024

As open-source generative AI platforms (like ChatGPT) gain momentum, there are concerns around accuracy, security, and privacy — especially when it comes to handling clients’ sensitive tax information. The basics of generative AI in tax So, what exactly is generative AI and how does it work within the tax and accounting profession?

Accounting Firms 52

Accounting Firms Compliance Technology 52