More than half of public-listed companies in Malaysia prefer outsourcing internal audits, and they should take some key steps to improve them, according to an IIA Malaysia survey. The companies "should consider the professional qualifications, certification and experience of their [outsourced service providers] in relation to the scope of the work required to ensure adequate coverage of risk areas and [that] reliable reports are issued," the report says.
The world economic recovery is picking up, but the "sword of protectionism" could swiftly end that, said International Monetary Fund Managing Director Christine Lagarde. Imposing restrictions on trade would be a "self-inflicted wound" that would drive up prices for consumers and businesses and disrupt supply chains.
UK International Trade Secretary Liam Fox says his government hopes to establish a stronger relationship in financial services with the US, possibly including a passporting system for easy mutual access, as Britain seeks to secure its future as a leading operator after Brexit. No concrete discussions have taken place yet on the possibilities, but Fox said the UK is also planning to use its position as a world leader in financial technology.
Banks in Bangladesh need to improve internal controls and compliance to avoid embezzlement and other irregularities, said experts at an industry workshop. "There is no alternative to good governance to take the banking sector forward," said Abu Hena Mohd Razee Hassan, a deputy governor of Bangladesh's central bank.
European Commission officials are discussing the possibility of preserving trade between Britain and Europe by allowing the UK to become a member of the European Free Trade Association. That's the arrangement that allows Norway, not a member of the EU, to engage in tariff-free trade with EU member states.
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Italian authorities have caught Tomas Yarrington, a former governor of the Mexican state of Tamaulipas wanted on charges of racketeering, money laundering and fraud. Javier Duarte, a former governor of the state of Veracruz facing charges related to graft and organised crime, is awaiting extradition from Guatemala.
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An attempt to steal $170 million from the Union Bank of India had coding similar to the cybertheft of $81 million from the Bangladesh Bank, investigators said. The Bangladesh Bank cyberheist has been attributed to North Korean hacking group Lazarus.
One of the world's top 10 spammers was arrested in Spain on 7 April. Pyotr Levashov was allegedly the criminal mastermind leading the Kelihos botnet, which sent out hundreds of millions of spam emails each year, gathering user login credentials and bank account information.
Financial-technology firms not exposed to the risks that confront traditional banks aren't required to follow Bank of England rules that apply to banks, Governor Mark Carney said. Firms that help consumers shop for financial products and services and make it more convenient for them to make payments won't have to take the precautions to preserve financial stability that are mandatory for banks, he said.
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New Supplemental Guidance released
The IIA's newest Supplemental Guidance, Model Internal Audit Activity Charter, is designed to illustrate common practices typically set out in an internal audit activity charter. Access the new guidance, which includes a customisable template.
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