Expert discusses approaching internal controls in blockchain | Disaster-recovery workers face health risks from contaminated water | DOL, judge put multiple-employer welfare arrangement on hold
November 16, 2017
IIA SmartBrief
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SEC to focus enforcement on 3 key areas
To be "more strategic," the Securities and Exchange Commission's enforcement division is prioritizing protection of retail investors, cybersecurity and financial fraud, said Stephanie Avakian, the division's co-director. The SEC is increasing use of data analytics to target resources, she said.
ThinkAdvisor (free registration) (11/13) 
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Whitepaper: How to improve your work papers process
Work papers are fundamental to the audit management process. However, auditors traditionally consider the preparation of work papers as a completely separate process from that of audit project management. This whitepaper explores common issues with traditional work papers methods and how to overcome them. Get access now >>
Internal Audit Watch
Expert discusses approaching internal controls in blockchain
Blockchain is becoming more common in financial reporting, creating a need for appropriate internal controls. Such controls "can take a lot of different forms," such as general IT controls or information controls that another organization manages, says Will Bible, audit and assurance partner at Deloitte & Touche.
Financial Executives International Daily (11/13) 
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Auditing Culture: A Red Flag Approach
Do you have a plan on how to deal with cultural audits? Learn how to get started with this red flag approach to considering auditing culture.
Risk & Compliance
Disaster-recovery workers face health risks from contaminated water
Natural disasters that lead to flooding can create serious health risks for workers engaged in recovery operations, as floodwater can be contaminated by bacteria and toxins. Employers must offer training, protective gear and other precautions to protect their workers against such risks, experts say.
Business Insurance (tiered subscription model) (11/15) 
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DOL, judge put multiple-employer welfare arrangement on hold
The Labor Department has sent cease-and-desist letters -- the first in its history -- calling on AEU Holdings to halt marketing of a multiple-employer welfare arrangement that included about 14,000 people in 36 states. The department says AEU sent employer contributions to an account in Bermuda, and a judge has ordered a temporary stop to any actions related to the arrangement.
Bloomberg BNA (free content) (11/8) 
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How to prepare for FASB's hedge-accounting update
An update to the Financial Accounting Standards Board's derivatives and hedge-accounting standard will go into effect in a little more than a year. This article reviews what the update does and outlines considerations for adoption.
CFO (11/10) 
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CFPB director Cordray announces departure
Richard Cordray, director of the Consumer Financial Protection Bureau, has announced he is stepping down by the end of the month.
Reuters (11/15),  The New York Times (free-article access for SmartBrief readers) (11/15) 
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When is privacy not something to keep quiet about?
Technological advancements have fundamentally altered how organizations collect, use and manage data. Recently, the European Commission embarked on a process to update, simplify and bolster privacy regulations. EY's report details what the General Data Protection Regulation (GDPR) will mean for businesses as it comes into effect in 2018.
Fraud & Ethics
Courage is easy when there's nothing on the line
Courage is easy when there's nothing on the line
Chambers (The IIA)
"Courage means many things to many people," writes IIA President and CEO Richard Chambers, "so thinking about it and discussing it with others you trust can help you reinforce your moral foundation." In his latest blog, Chambers considers several attributes of courage based on an article from Psychology Today.
Internal Auditor online (11/13) 
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Commentary: How tax departments can stop illicit activity
A company's tax department has the intelligence and data to spot criminal activity such as money laundering if it is willing to take a forward-looking approach instead of the standard retrospective view, writes Brian Peccarelli of Thomson Reuters. New reporting requirements in some countries are already nudging companies in this direction, he adds.
CFO (11/14) 
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Are you effectively managing third party risk?
Companies with advanced programs face 33% fewer regulatory actions. Get the latest benchmark data to see how your program compares and find out how you can improve your third party risk management and due diligence processes.
Commentary: Cybersecurity must always start with a risk assessment
Commentary: Cybersecurity must always start with a risk assessment
Twenty-eight percent of 9,000 respondents to a PwC survey said they didn't know how many cyberattacks had affected their organizations, writes Michael Aminzade of Trustwave. Conducting a comprehensive risk assessment is critical to organizational cybersecurity, he advises.
Help Net Security (11/13) 
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Make sure your team is on the right track.
The Audit Intelligence Suite (AIS) lets you benchmark your audit activity, assess your team’s skills, and survey your key stakeholders. Until March 31, 2018, participants who complete all three components of the AIS bundle will receive it for free, AND get a $500 discount on On-Site Training.
Professional Development
How companies can help workers develop new skills
How companies can help workers develop new skills
Employees who lack supervisor support are much less likely to say they have opportunities to develop technical and leadership skills, research by the American Psychological Association shows. Here is a look at how to establish a culture that prepares employees for the future.
Harvard Business Review online (tiered subscription model) (11/14) 
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The latest audit training resources available 24/7
Whether you're looking to strengthen your foundational skills or expand your knowledge in niche areas like IT, cybersecurity, and data-analytics, IIA OnDemand Training is accessible anytime and anywhere.
IIA News
Call for 2018 IIA awards nominations
The IIA is asking for nominations for its three highest and most prestigious awards, recognizing individuals who have made outstanding achievements in internal auditing. Download the nomination form today. Submissions are due by Jan. 10. Nominate today.
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Measure and manage your audit group
The Audit Intelligence Suite was introduced earlier this year as a premium solution to help leaders benchmark their audit activities, assess teams' skills and survey key stakeholders. Until March 31, those who complete all three of these components will receive the AIS bundle for free and receive a $500 discount on On-site Group Training. Learn more.
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Editor's Note
IIA SmartBrief will publish Wednesday, Nov. 22
Because of the Thanksgiving holiday in the US, IIA SmartBrief will publish Wednesday, Nov. 22, instead of Thursday, Nov. 23.
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The risk is the challenge.
Mario Andretti,
auto racer
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About The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is the internal audit profession’s most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 190,000 members from more than 170 countries and territories. The association’s global headquarters are in Lake Mary, Fla. For more information, visit
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