Malaysian agency's CFO highlights her internal audit experience | Bombay Stock Exchange requires companies to use XBRL | Many UK companies lagging in GDPR compliance, report says
20 June 2017
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Internal Audit Watch
IIA leaders speak on effective internal auditing at event in Africa
IIA President and CEO Richard Chambers and IIA Global Board of Directors Chairman Angela Witzany were among the experts and officials speaking at the Fourth African Internal Auditors International Conference in Ghana. Witzany encouraged strong communication and relationship-building, and Chambers touted the importance of detecting fraud, business-operations and technology risks.
News Ghana (18 May.),  GhanaWeb (26 May.) 
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Malaysian agency's CFO highlights her internal audit experience
Noorida Baharuddin, chief financial officer at Malaysia Deposit Insurance Corp., said her experience as the agency's chief internal auditor gave her "the opportunity to understand most aspects of MDIC's operations and strategies, and was an excellent foundation for a more strategic role." Her current role includes promoting innovation and pursuing sound governance, she said.
InTheBlack online (Australia) (01 Jun.) 
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Bombay Stock Exchange requires companies to use XBRL
Listed companies on India's Bombay Stock Exchange must file reconciliation of share capital audit reports in eXtensible Business Reporting Language, or XBRL. The change takes effect July 1.
Business Standard (India) (tiered subscription model) (14 Jun.) 
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Are your risk assessments evolving with the pace of change?
TeamMate has surveyed and interviewed hundreds of auditors, audit executives, and audit managers to develop a set of 10 pointed recommendations on how you can enhance your risk assessments and audit planning. Read our report today to find out more.
Risk Management
Many UK companies lagging in GDPR compliance, report says
A Sophos report says more than half of UK companies indicate little understanding of the compliance requirements and related fines under the EU General Data Protection Regulation. Meanwhile, 26% of UK organisations said Brexit has left them less clear on what they must do to achieve GDPR compliance.
ITProPortal (UK) (15 Jun.) 
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IIA Bookstore Sale Going on Now
The IIA Bookstore's Super Sale starts Monday, 19 June. For one week only, save up to 75% off select popular products, including Sawyer's Guide for Internal Auditors, 6th Edition. The IIA Bookstore provides the most comprehensive collection of publications addressing critical internal audit issues. Act now: the sale ends Sunday, 25 June 2017, 11:59 p.m. ET.
Regulation & Compliance
Global agreement to halt tax "treaty shopping" signed
About 70 countries signed an international agreement backed by the Organisation for Economic Co-operation and Development to end the practice of companies cutting their tax bill through "treaty shopping". The US didn't sign, but Pascal Saint-Amans, the OECD's tax-policy director, said that's not a problem because the US is a party to bilateral treaties that deal effectively with cross-border tax avoidance.
Reuters (08 Jun.),  Politico Pro (subscription required) (07 Jun.) 
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Report ranks countries on complexity of regulatory regimes
The markets with the most complex regulatory systems are Turkey, Brazil, Italy, Greece, Vietnam, Colombia, China, Belgium, Argentina and India, according to a TMF Group report. Turkey tops the list, in part, because of frequent regulatory revisions, while multiple layers of tax rules pose challenges in Central and South America, the report says.
Pymnts (14 Jun.) 
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UK warned against bending rules in chase for IPO
Ashley Hamilton Claxton, a corporate governance manager with Royal London, says London Stock Exchange Group and the UK's Financial Conduct Authority are thought to be considering a change to their listing rules, which would make London a more attractive venue for the Saudi Aramco initial public offering. Claxton warned that any such move would be "highly inappropriate" and could set a dangerous precedent.
Reuters (08 Jun.) 
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Recognize Your Leadership Excellence
If you are aspiring to be a leader in your organization, seeking a successor, or looking to add credibility to your current leadership role, The IIA's QIAL® program was designed with you in mind. Learn More
Fraud & Ethics
Official: Investigation will make Brazil stronger against corruption
Brazil will be better able to fight corruption after the federal investigation known as Operation Lava Jato, or Car Wash, is complete, said interim Minister of Transparency Wagner de Campos Rosario. The minister pointed to such initiatives as one promoting companies' enacting of integrity programs, and he said the Ministry of Transparency needs more employees to serve a country as large as Brazil.
The Rio Times (Hawthorne, N.Y.) (tiered subscription model) (16 Jun.) 
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NEW! Big Data Program Auditing GTAG Released
The IIA's newest Global Technology Audit Guide: Understanding and Auditing Big Data is a practice guide that explores the internal audit activity's role in big data programs, including analytic tools and technologies, and capabilities vs challenges. It provides examples of program advantages, risks, and typical audit procedures.
Download now.
Commentary: Tech helps Mexico detect fraud, audit efficiently
Mexico is using electronic methods to identify tax-reporting fraud and errors, which has led to a 34% increase in collections of the value-added tax in one quarter, write Hillary Levun of Perkins Coie and Steven Neuman of StoneTurn. The country has also developed several e-invoicing and e-accounting regulations meant to make government audits more efficient, Levun and Neuman write.
Treasury & Risk (08 Jun.) 
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IIA CEO Richard Chambers Shares Insights on #WANNACRY
It didn't take long for social media to adopt #wannacry for the recent massive cyberattack, which hit computer networks in nearly 100 countries around the world. Chambers shares insights on the ransomware virus, called Wanna Decryptor, which encrypted valuable data and threatened to destroy it unless payments were made. Watch now.
IIA News
New issue of Tone at the Top tackles cyberculture
After so many years of often devastating cybersecurity failures, why do organisations still get caught short when an attack is launched? Read the latest issue of Tone at the Top to learn how an organisation can improve its cyberculture through better collaboration among internal audit, IT, chief risk officers, chief information security officers, human resources and others.
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Top certification exam scorers recognised
The IIA honored the top scorers on its Certified Internal Auditor (CIA) certification from among more than 7,260 candidates from around the world who completed the three-part exam in 2016. In addition, top scorers for the specialty certifications exams were recognised. Read more.
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With ordinary talent and extraordinary perseverance, all things are attainable.
Thomas Fowell Buxton,
politician and abolitionist
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