Nigeria to review whistleblower policy | European Commission suggests allowing class-action suits | Canadian Treasury Board looks to sidestep controls if payroll issues arise
17 April 2018
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Internal Audit Watch
India-owned bank undertakes quality assurance audit programme
The state-owned Industrial Development Bank of India is conducting a quality assurance audit to strengthen its internal audit function, ensure adherence to best practices and determine whether its branches are complying with regulations. The move comes as India's public-sector banks face pressure to enhance their audit systems in the wake of recent fraud identified at Punjab National Bank.
The Times of India/Press Trust of India (27 Mar.) 
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Are you coordinating the Three Lines of Defense?
The recently revised IIA Standard 2050: Coordination places stepped-up pressure on CAEs to coordinate activities with other internal and external providers of assurance. This report provides both theory and practical application for maximizing your interactions with other assurance providers.
Risk Management
Nigeria to review whistleblower policy
The Nigerian government said it sees room for improvement in its whistleblower policy, which officials plan to review with an eye toward preventive measures rather than punitive ones. The Whistleblower Policy and Assets Tracing Team travelled to the UK to share ideas with governmental agencies there.
ThisDay Newspapers (Nigeria) (14 Apr.) 
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European Commission suggests allowing class-action suits
The European Commission has proposed letting consumers harmed by corporate misconduct file class-action lawsuits, a tool widely used in the US. The proposal is part of a legislative package called the New Deal for Consumers.
Deutsche Welle (Germany)/Agence France-Presse/Deutsche Presse-Agentur (11 Apr.) 
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Regulation & Compliance
Canadian Treasury Board looks to sidestep controls if payroll issues arise
All Canadian government departments have received a request to let the Treasury Board circumvent internal controls to provide paychecks to federal employees if a payroll-processing emergency occurs. This open-ended approval would remain in force until at least 2021.
IPolitics (Canada) (13 Apr.) 
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Islamic finance body to introduce endowment standards
Governance and sharia standards for Islamic endowments developed by the Accounting and Auditing Organisation for Islamic Financial Institutions are set to debut soon. These standards are expected to introduce guidance on internal controls, transparency and disclosures.
Reuters (09 Apr.) 
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Central bankers discuss climate-change risk
Central bank governors from France, the Netherlands and the UK have agreed more regulation might be necessary to address climate-change risk in the financial system. Potential measures include carbon stress tests and heavier penalties.
The Guardian (London) (06 Apr.),  Financial Times (tiered subscription model) (08 Apr.) 
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May is Internal Audit Awareness Month.
Take this opportunity to help build awareness in your workplace and in your local community about the value of internal auditing. Download the toolkit and plan your awareness activities.
Fraud & Ethics
Upcoming Brazilian high court decision may vacate graft sentences
Several Brazilian Supreme Court justices have expressed willingness to reverse a 2016 decision under which defendants face imprisonment if their graft convictions are affirmed during a first appeal. Former President Luiz Inacio Lula da Silva was jailed this month after being convicted in a corruption trial and is among several politicians and businesspeople serving time because of the 2016 decision.
Reuters (16 Apr.) 
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Malaysia seeks to amend anti-corruption act
A bill introduced in Malaysia would revise the Malaysian Anti-Corruption Commission Act 2009 to make corporations liable for offenses committed by an associated person. The UK Bribery Act was a model for the proposed measure.
Global Compliance News (Germany) (06 Apr.) 
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Bill would update Ireland's anti-corruption measures
The Irish Parliament is considering legislation that would consolidate seven anti-corruption acts. The bill also would add a provision holding a corporation accountable if one of its officers, employees, agents or subsidiaries committed an offence under the updated act.
Global Compliance News (Germany) (22 Mar.) 
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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.
Iranian hackers charged after attacks on universities
Iranian hackers charged after attacks on universities
(Alex Edelman/AFP/Getty Images)
The US Justice Department has indicted nine Iranian hackers after a three-year campaign in which universities were attacked. The hackers allegedly stole more than $3 billion in intellectual property from more than 300 universities worldwide.
Wired (tiered subscription model) (23 Mar.) 
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Internal Audit in the Age of Disruption
A challenge for internal audit executives is to perceive disruptions in their true form. Recognizing what is coming and providing insight to the organization on how to harness disruptive power is truly valuable. Learn more.
IIA News
New practice guide for the public sector
Public sector internal auditors have an opportunity to add value related to grant risks. Seize it by downloading The IIA's new Practice Guide: Auditing Grants in the Public Sector.
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Cast your vote on The IIA's proposed governance structure
A global membership vote on proposed changes to The IIA's governance structure will be conducted during The IIA's 2018 Annual Business Meeting on 9 May in Dubai. If you are unable to attend this meeting, you may vote by proxy by 30 April. Access the bylaw changes and vote.
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True happiness consists not in the multitude of friends, but in the worth and choice.
Ben Jonson,
playwright and poet
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