Commentary: Internal audit vital in ensuring organisations' health | "Car Wash" scandal prompting change among companies in Brazil | Results from TMF Group's Financial Complexity Index for 2018
19 June 2018
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Internal Audit Watch
IIA-Australia CEO rebuts criticism of internal auditors
IIA-Australia CEO Peter Jones said internal auditors have had their reports "diluted or suppressed" in some situations, comments made in response to a report that said internal auditors need to take stronger actions to make company boards aware of "red flags". Jones said reports by internal auditors "are being filtered by either senior management before they get to the audit and risk committees, or the committees are not insisting that management acts on the findings quickly enough".
The Australian Financial Review (free content) (28 May.),  ABC (Australia) (21 May.) 
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Commentary: Internal audit vital in ensuring organisations' health
A strong internal audit function can repair poor governance practices in companies and help prevent such events as the widespread corporate failures around the world a decade ago, wrote Denish Osodo, director of internal audit at Safaricom and council member of the Institute of Certified Public Accountants of Kenya. Osodo quoted IIA President and CEO Richard Chambers in describing internal audit as a key part of an organisation's "navigation system".
The Standard (Kenya) (06 Jun.) 
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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
"Car Wash" scandal prompting change among companies in Brazil
Operation Lava Jato, or Car Wash, the five-year investigation into bribery at petroleum company Petrobras, has had a ripple effect on businesses throughout the country, which are enhancing their codes of conduct and ethics in response to recent legislation and regulations. Transparency International finds that anti-corruption initiatives in Brazil have improved over the past two years, although whether companies have a serious commitment to change remains to be seen.
Ozy (20 May.) 
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Top Risks Faced by Chief Audit Executives
A more complex, more connected business environment delivers more formidable risks. Organizations expect internal auditors to take on a new, holistic approach and improve the effectiveness of risk management, control, and governance processes as they face the top risks of 2018. Download your complimentary report now.
Regulation & Compliance
Results from TMF Group's Financial Complexity Index for 2018
TMF Group has published its latest annual Financial Complexity Index, which illustrates how countries vary in the difficulty of their regulations in areas including taxes, accounting practices and reporting requirements. Jason Gerlis of TMF Group breaks down the findings for Latin America, Europe and the Middle East, and Asia-Pacific.
Middle Market Growth (31 May.) 
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Canada Revenue Agency disciplined 1,071 employees in last 4 years
Government data show 1,071 employees of the Canada Revenue Agency were disciplined for misconduct over the past four years. The offences included failure to protect the information of the agency and taxpayers, and a spokesperson said the agency has since strengthened its internal controls.
CBC News (Canada) (28 May.) 
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How a global compliance programme united Mexichem's legal team
Francisco Hernandez adopted a focus on ethics and compliance when he became Mexichem's first global general counsel two years ago. In doing so, he connected the global pipe manufacturer's far-flung team of attorneys as the company embarked on a growth strategy.
Corporate Counsel online (22 May.) 
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NEW! Tools and Resources to Audit More Effectively.
As the standards-setting and guidance-producing body of the profession, The IIA has all the tools and resources to help internal auditors of all levels and sectors perform their jobs with proficiency and accuracy. From frameworks to practice and how-to guides — we operate with your effectiveness in mind. Access latest tools today.
Fraud & Ethics
Editorial: Japan's Finance Ministry must work to restore public trust
Japan's Finance Ministry needs to take measures to regain the public's trust after a scandal involving altered documents related to the sale of state-owned land to a private-school operator, according to this editorial. "As measures to prevent a recurrence, the ministry has proposed such steps as the proper management of documents and improving arrangements for internal control", and "[i]t is necessary to implement these measures promptly", the editorial states.
The Yomiuri Shimbun (Japan) (05 Jun.) 
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Naohiro Mouri, New Global Chairman
Mouri wants to stress the importance of going back to the very basics. That means understanding how important the Standards are for becoming the trusted advisors we aspire to be.
Vietnamese cybersecurity law raises censorship concerns
A cybersecurity law in Vietnam requires tech companies to open offices there, mandates storage of data inside Vietnam and authorises the government to demand removal of offensive content from sites including Facebook and Google. Amnesty International said the law is a "devastating blow" for freedom of expression.
Reuters (12 Jun.) 
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Outsmart Artificial Intelligence Data.
Probability versus correctness is one unique way Artificial Intelligence (AI) applications use data. Learn what else is different and get a step ahead when auditing AI applications by downloading the new Internal Audit Foundation research report, Artificial Intelligence - The Data Below.
Download your copy today.
IIA News
Misunderstood risks and constrained auditors
The collapse of Carillion, the UK's second-largest construction firm, sent shock waves through the corporate-governance community. Learn more about what went wrong and strategies on how your organisation can better prepare to refocus on disruptive risks in the latest Tone at the Top. Download your free copy.
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IIA Bookstore super sale: Shop through 24 June
Members can save as much as 75% off select popular products, including Essentials: World-Class Tools for Building an Internal Audit Activity, 2nd Edition. The IIA Bookstore is the most comprehensive and credible source of independent research reports and publications addressing internal audit issues. Shop now.
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No act of kindness, no matter how small, is ever wasted.
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