Australia and New Zealand Banking Group says internal audit provides the crucial evaluation that the board uses to establish the culture, which can be a challenging thing to regulate. Fahmi Hosain of the Australian Prudential Regulation Authority says that, contrary to a widely held view, culture can be measured and assessed "in a quantifiable sense".
IIA Malaysia President Hazimi Kassim encouraged internal auditors to stay knowledgeable of technological advances, including big data, artificial intelligence and cryptocurrencies. In addition, IIA Malaysia unveilled an updated Guidance for an effective Internal Audit Function at its 2017 National Conference.
Smaller nonprofit groups sometimes combine the audit and finance committees into one working group while the full board handles certain matters, including risk management, writes Kate Sayer of specialist auditors Sayer Vincent. A combined audit and finance committee should not decide on all issues to avoid becoming a "shadow board," Sayer writes.
Twenty-five internal auditors in Liberia received training for The IIA's Certified Internal Auditor Part 1 exam. The two-week course was provided through Liberia's Internal Audit Agency, with backing from the United Nations Development Programme.
The Swiss Financial Market Supervisory Authority has drafted a proposed amendment that would give its anti-money-laundering ordinance more specific obligations for groupwide tracking of legal and reputational risks, stricter know-your-customer requirements and additional risk-classification factors. These changes would apply to banks, asset managers and trust companies.
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Mexico has implemented measures aimed at reducing corruption. The General Law of Administrative Accountability, which became effective in July, covers bribery, embezzlement and obstruction of investigations by public officials as well as by businesses and individuals.
A "category one" cyberattack, the most severe kind, will occur within the next few years, predicts UK National Cybersecurity Centre technical director Ian Levy. To prepare, businesses and agencies need to adjust their outlook on cybersecurity and should set their sights on methods for managing risks.
Singapore ranks as the top originator of cyberattacks in a report by Check Point Software Technologies, although much internet traffic in and out of the country could be launched elsewhere. "As a commercial hub with high interconnectivity, Singapore is undoubtedly an attractive target for cybercriminals," said a spokesman for the Cyber Security Agency of Singapore.
Beginning in 2018, two of every IIA-certified individual's CPE/CPD credits must be earned in ethics. While this is not a requirement for 2017, The IIA is recommending CPE/CPD credits. Learn more about CPE requirements.
Internal audit's role in assuring accurate board information
Board members have important responsibilities to carry out and key decisions to make. A recent study shows dissatisfaction among many with the data developed and provided by management on which they were charged with making decisions. This is a missed opportunity for internal auditors. Read the latest issue of Tone at the Top to learn how important it is for internal audit to contribute at the front end of that process.
The test of a vocation is the love of the drudgery it involves.