Execs see cybersecurity, fraud among biggest risks, report says | Protectionism could kill global recovery, IMF's Lagarde says | UK seeks stronger trade ties with US post-Brexit
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18 April 2017
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Internal Audit Watch
IIA Malaysia: Public-listed companies should enhance internal audit
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 Star Online (Malaysia) (04 Apr.),  The Star Online (Malaysia) (05 Apr.) 
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Are your risk assessments evolving with the pace of change?
TeamMate has surveyed and interviewed hundreds of auditors, audit executives, and audit managers to develop a set of 10 pointed recommendations on how you can enhance your risk assessments and audit planning. Read our report today to find out more.
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Risk Management
Execs see cybersecurity, fraud among biggest risks, report says
Regulatory compliance is difficult amid increasingly sophisticated fraud and cyberattacks, according to an Accenture report noting that embracing technology is crucial to managing risk.
SecurityBrief Asia (11 Apr.) 
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Protectionism could kill global recovery, IMF's Lagarde says
Protectionism could kill global recovery, IMF's Lagarde says
Lagarde (Stephen Jaffe/Getty Images)
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.
Reuters (12 Apr.),  Politico Pro (subscription required) (12 Apr.) 
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UK seeks stronger trade ties with US post-Brexit
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.
Bloomberg (13 Apr.),  Politico Pro (subscription required) (13 Apr.) 
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NEW! Red-hot Off the Presses: The IIA's New Red Book
Updated to include the new Mission of Internal Audit, Core Principles, Standards, and more, The IIA's new Red Book is a must-have for internal auditors. An easy-to-search table of contents and index make it an indispensable desktop addition. Don't get caught red-handed without it. Purchase now with your IIA member discount.
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Regulation & Compliance
Experts: Banks in Bangladesh need better internal control, compliance
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.
The Daily Star (Bangladesh) (24 Mar.) 
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EU may offer UK deal like Norway's in Brexit talks
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.
The Economist (tiered subscription model) (12 Apr.),  Politico Pro (subscription required) (17 Apr.) 
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Fraud & Ethics
Mexican ex-governors accused of corruption are found in Italy, Guatemala
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.
CNN (10 Apr.),  Reuters (17 Apr.) 
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Why innovation is imperative for internal auditors
Is your internal audit function keeping up with stakeholder expectations? In this latest #AuditChannel video, a distinguished expert panel discusses why practitioners must be innovative in order to provide solutions and add value to the organization. Learn More
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Technology
North Korean group believed to be behind attempted India bank hack
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.
International Business Times (11 Apr.) 
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Hacker allegedly behind Kelihos botnet arrested in Spain
Hacker behind Kelihos botnet arrested in Spain
(Joe Raedle/Getty Images)
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.
The Sacramento Bee (Calif.) (tiered subscription model)/The Associated Press (10 Apr.) 
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Carney addresses fintech regulation
Mark Carney Delivers A Speech On The Globalisation Of Financial Services
Carney (Frank Augstein/Getty Images)
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.
The Telegraph (London) (tiered subscription model) (12 Apr.),  Reuters (12 Apr.),  MLex (subscription required) (12 Apr.) 
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IIA News
Feedback to the CIA restructure closes soon
Be part of the continued efforts to further globalise the internal audit profession by participating in the CIA job analysis study. The global feedback will be used to determine any changes in the profession that should be reflected on the future, updated exam syllabus for each part of the CIA examination. The survey closes 24 April 2017. Participate now.
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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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I do not live for what the world thinks of me, but for what I think of myself.
Jack London,
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