Fiji auditor general urges internal, external audit to collaborate | Opinion: Internal audit key to governance at organisations of all sizes | Commentary: Weak controls could pose systemic risk in China
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16 May 2017
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Internal Audit Watch
IIA chapters tout International Internal Audit Awareness Month
May is International Internal Audit Awareness Month, and IIA chapters worldwide are promoting the resources available to help internal auditors excel and recognising the progress made and lessons learned in the profession.
Stabroek News (Guyana) (05 May.),  Fiji Times (13 May.) 
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Fiji auditor general urges internal, external audit to collaborate
Internal and external audit committees need to work together to control costs for their organisations and demonstrate the value of their work, says Fiji Auditor General Ajay Nand. He urged IIA Fiji and the Fiji Institute of Accountants to explore how their respective professions can work together and expand opportunities for auditor training.
Fiji Times (09 May.) 
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Save up to $230 on CIA Application in May
The IIA is waiving the application fee for the CIA®. Becoming a CIA is the optimum way to fast track your understanding of The IIA's Standards and knowledge of how to apply them in your practice of internal auditing. Save time and money on your route to earning your CIA.
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Risk Management
Opinion: Internal audit key to governance at organisations of all sizes
Strong internal controls, reporting and ethics are necessary components in governance even at smaller organisations, which can face "complex environments with a less formal, robust organizational structure", writes Lal Balkaran, past president of The IIA's Toronto chapter. The IIA's "four cornerstones of effective corporate governance" are the board of directors, internal auditors, executive management and the external auditors, Balkaran writes.
The Globe and Mail (Toronto) (tiered subscription model) (10 May.) 
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Commentary: Weak controls could pose systemic risk in China
Recent allegations of fraud at a Chinese bank illustrate the need for stronger internal controls in the country's financial sector, wrote Christopher Balding of the Peking University HSBC Business School. Losses from theft happen frequently, and many Chinese executives say they view unethical actions as acceptable for businesses to continue running, Balding wrote.
Bloomberg (23 Apr.) 
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Mexico plans effort against people involved in stealing fuel
Mexico's treasury secretary has announced a plan to fight the theft of fuel from pipelines, a strategy that includes targeting the buyers and dealers of the stolen gasoline and diesel fuel. Fuel thieves are also suspected of violent crimes in the state of Puebla.
Voice of America/The Associated Press (09 May.) 
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Raise Awareness of the Internal Audit Profession
May is International 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. Read More.
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Regulation & Compliance
MOU with World Bank aims to help developing economies with IFRS
The IFRS Foundation and the World Bank have entered into a memorandum of understanding to assist with the adoption of International Financial Reporting Standards in developing countries. The agreement includes creating educational programmes and providing developing economies greater involvement in setting the standards.
Accounting Today (15 May.) 
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IFRS Foundation unveils 2017 road map
The IFRS Foundation plans to complete the insurance contracts accounting standard and update its Conceptual Framework in 2017, according to its annual report. It also aims to enhance transparency by making its trustees' Due Process Oversight Committee meetings public.
Accounting Today (25 Apr.) 
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Study and Save in May!
During The IIA's CIA application fee waiver offer in May, take advantage of additional savings on the premier exam self-study tool, The IIA's CIA Learning System®. Use promo code MAY10 at checkout. Learn More.
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Fraud & Ethics
Wire fraud rose globally in latter half of 2016, FBI says
The number of wire-fraud attempts by deceptive emails soared from May to December of last year, according to the FBI. Such attempts targeted US$5.3 billion from October 2013 through the end of 2016, the FBI said.
Reuters (05 May.) 
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Cornerstone of Internal Audit Ed Debuts New Edition
Internal Auditing: Assurance & Advisory Services, Fourth Edition, is an essential resource for practitioners and students and aligns with The IIA's Code of Ethics and Standards outlined in the IPPF, along with emerging issues. Long considered an essential addition to every internal auditor's bookshelf. Align, line by line.
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Technology
Global cyberattacks could continue
Global cyberattacks could continue
(Pixabay)
A wave of cyberattacks that spread across the globe Friday could continue this week, security experts say. The cyberattacks have affected more than 200,000 people across 150 countries, according to Europol.
The New York Times (free-article access for SmartBrief readers) (14 May.),  The Washington Post (tiered subscription model) (14 May.),  BBC (14 May.) 
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Survey: Businesses worry of financial harm from GDPR noncompliance
Twenty percent of respondents to a Veritas Technologies survey said they think noncompliance with the EU's General Data Protection Regulation could lead to the end of their businesses. Other respondents cited concerns of layoffs and negative publicity because of noncompliance with the regulation.
Computer Business Review online (U.K.) (25 Apr.) 
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Int'l Money Fund Leader Joins 2017 IC Panel
International public sector audit expert Clare Brady joins the panel discussion, "Selling Internal Audit: Is it Really That Hard to Show Our Value?" at The IIA's International Conference in Sydney, 23-26 July. Brady, joins other leading CAEs to discuss what matters most when showcasing the real value that internal auditors can bring to the table. Read more
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IIA News
Guidance: Understanding and auditing big data
Big buzz around big data these days means internal audit must wrap its arms around the topic to aid organisations in its use, security and controls. This new Global Technology Audit Guide helps you understand big data technologies and define the scope and activities an audit should undertake. Download this and other new guidance from The IIA.
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Take the fast route to CIA: Save up to US$230
In recognition of International Internal Audit Awareness Month, The IIA is waiving the application fee for its flagship credential -- the Certified Internal Auditor (CIA) -- through 31 May. Fast-track your understanding of The IIA's standards and their application in your internal audit practice and save money on the road to career advancement. Learn how you can save even more on exam-preparation resources, too.
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If you hear a voice within you saying, 'You are not a painter,' then by all means paint ... and that voice will be silenced.
Vincent van Gogh,
artist
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