Experts at IIA-Qatar event discuss internal audit's cybersecurity role | UBS chairman discusses Brexit consequences | Risk-management costs have risen steadily since crisis
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21 March 2017
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Internal Audit Watch
India's MoU with IIA aims to bolster government's internal auditing
A memorandum of understanding between India's Office of Controller General of Accounts and The IIA is intended to enhance governmental ministries' internal auditing. "In a paradigm shift, the MoU will facilitate the use of professional knowledge and skills in the conduct of risk based Internal Audit and in the capacity building of Government Internal Auditors," the Indian Finance Ministry said.
India Today/Press Trust of India (02 Mar.) 
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Experts at IIA-Qatar event discuss internal audit's cybersecurity role
Internal audit's role in cybersecurity resilience is quickly evolving to include a strategic-advisory component for helping boards manage business technology risks, IT governance expert R Vittal Raj said at an IIA-Qatar event. "It is an imperative for the board to be assured on the state of protection of its information resources from IT risks, while driving IT-leveraged growth," he said.
Gulf Times (Qatar) (06 Mar.) 
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White Paper: Data Analytics – The key to Risk-based Auditing
Risk-based internal auditing begins with assessing business objectives and evaluating whether internal controls are effective in reducing risks. Download this white paper to learn how data analytics can be used in risk-based audits.
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Risk Management
UBS chairman discusses Brexit consequences
UBS Chair Weber discusses Brexit consequences
Weber (Sean Gallup/Getty Images)
UBS Group Chairman Axel Weber says it might decide to move as many as 1,500 jobs out of London once the UK's departure from the EU is formally announced, adding that other financial institutions will be making similar evaluations. "Institutions like ours are faced with very important decisions about how to reshape our operations, given that London will no longer be part of the EU," he said.
Bloomberg (15 Mar.) 
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Risk-management costs have risen steadily since crisis
Industry spending on managing operational risk has jumped since the financial crisis as firms strive to comply with tighter regulations and guard against threats such as cybercrime.
Financial Times (tiered subscription model) (13 Mar.) 
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Investigative Editor of FIFA Scandal Joins IC
The Sunday (UK) Times editor Jonathan Calvert will present a much anticipated general session at The IIA's 2017 International Conference, 23-26 July in Sydney, Australia. Calvert is known for his award-winning journalism on scandals such as the FIFA investigation, and a book on the shocking international story. Register now
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Regulation & Compliance
China eases foreign banks' licence requirements
The China Banking Regulatory Commission will allow foreign and joint-venture banks to engage in Treasury bond underwriting, custody and advisory services without a licence, though their activities will need to be reported within five days. The decision is in keeping with President Xi Jinping's push to defend globalisation in the face of rising protectionism.
Reuters (16 Mar.) 
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Anti-money-laundering office to be formed by UK
The UK government will create an office tasked specifically with intensifying the fight against money laundering, said Simon Kirby, economic secretary to the Treasury. The Office for Professional Body Anti-Money Laundering Supervision will be placed in the Financial Conduct Authority, he said.
Reuters (15 Mar.),  International Business Times (15 Mar.),  Politico Pro (subscription required) (15 Mar.) 
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Cybersecurity: An Ounce of Prevention
Researchers from Crowe Horwath partnered with the Internal Audit Foundation to change the question of cybersecurity from “How do I defend?” to “How do I prevent?” The result is a 16-page report that examines the current state of best practices to the formation of a new concept: a Security Intelligence Center (SOC). Download your free copy today.
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Fraud & Ethics
Brazilian corruption testimony may spur 350 more investigations
Brazilian prosecutor Carlos Lima said testimony by executives of Odebrecht, a construction firm that paid bribes in a scandal involving state-run oil company Petrobras, could lead to about 350 additional investigations.
Reuters (15 Mar.) 
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Organised crime grows in EU, turns to tech
Groups involved in organised crime in Europe number 5,000, up from 3,600 in 2013, according to Europol. Groups have changed to focus on high-tech crime, including online sales of illegal items, money laundering and document fraud.
Deutsche Welle (Germany)/Deutsche Presse-Agentur/Reuters (09 Mar.) 
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Report: 900M people bribed Asia-Pacific officials in past 12 months
Transparency International estimates that 900 million people in the Asia-Pacific region had to pay bribes for public services at least once in the past 12 months.
South China Morning Post (Hong Kong)/Agence France-Presse (07 Mar.) 
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Demonstrate Your Leadership in 2017
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.
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Technology
Commentary: Internal audit can add value through technology
Technological advances, such as data analytics, allow internal audit to "provide value-added services and proactive strategic advice to the business, and provide deeper, more actionable insights into their financial statements and controls", writes Saad Maniar of Crowe Horwath UAE. Internal audit and compliance can harness the internet of things to detect risks emerging from new technology, Maniar writes.
Khaleej Times (United Arab Emirates) (19 Mar.) 
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Download New Issue of Tone at the Top
Excessive executive compensation can indicate a weak board or inadequate decision making. That’s why it’s imperative for internal audit to assess executive pay packages. Learn more about this thorny issue in the latest issue, Executive Compensation: It Pays to Review. Download now.
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IIA News
Savings of AUD$200 end soon: 2017 International Conference
A new session, "Selling Internal Audit: Is It Really That Hard to Show Our Value?" at the 2017 International Conference in Sydney from 23 to 26 July, features award-winning creative director Dee Madigan facilitating a global panel of CAEs to discover what matters most when showcasing the true value internal audit brings to organisations. Register by 31 March to save.
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Bookstore super sale -- while supplies last
The IIA Bookstore's Super Sale began Monday, 20 March. For one week only, you can save up to 75% off several popular products, including Quality Assessment Manual for the Internal Audit Activity. The IIA Bookstore is the most comprehensive and credible source of independent research reports and publications addressing critical internal audit issues. Act now -- the sale ends at 11:59 p.m. Eastern time on Sunday, 26 March.
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When culture goes awry, even the strongest, most promising companies can suffer brand and reputational damage. Read "Uber: Hot New Company, Same Old Problem -- Culture," one of the latest blog posts from IIA President and CEO Richard Chambers.
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I have accepted fear as a part of life, specifically the fear of change, the fear of the unknown. I have gone ahead despite the pounding in the heart that says: Turn back.
Erica Jong,
writer
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