A three-year project under development by The IIA is intended to enhance the internal audit profession in Ghana and Kenya. A World Bank study conducted for The IIA examined 11 African countries and found potential for the profession to expand beyond the emerging stage, as well as the need for more and better coordinated training resources.
Independent Electoral and Boundaries Commission Chairman Wafula Chebukati and two other commissioners could face contempt-of-court proceedings for not following a court order to reinstate CEO Ezra Chiloba. Chiloba was suspended ahead of internal audit findings that more than 1 billion shillings might have been misappropriated in last year's repeat presidential election, and he said the commission "has a governance problem embedded in a weak institutional design".
A study by TeleWare found that 40% of financial firms face potential fines for not meeting record-keeping rules under Europe's revised Markets in Financial Instruments Directive. Noncompliant firms could be fined 10% of annual turnover or €5 million.
Recent high-profile cases of auditors resigning suddenly before the release of quarterly results represent red flags for replacement auditors but are not a new trend, writes Vishesh Chandiok, CEO of Grant Thornton India. India's Companies Act now requires an auditor to disclose the reason for resignation, while accounting standards require the auditor "to exercise considerable professional [judgment] on what makes it to the auditor's report", he writes.
A "disappointing" number of Australian companies' 2017 statements quantified the impact of upcoming rules on the reporting of revenue and financial instruments, said Australian Securities and Investments Commission member John Price. The regulator is concerned this might "indicate a lack of preparedness for reporting under the new standards", which were implemented at the beginning of this year.
The governor of South Korea's Financial Supervisory Service has urged brokerages to enhance internal controls after trading errors by companies including Samsung Securities and Goldman Sachs Group. "Our society is demanding capital markets improve internal control systems," Yoon Suk-heun said at a meeting of brokerage CEOs.
Vietnam's National Assembly has approved a cybersecurity law with a provision calling on certain entities to store users' personal data in the country. The law also provides for the Ministry of Public Security to conduct cybersecurity audits of information systems not on the list of those deemed critical to national security.
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Cyberattacks against Mexico's central bank and a Chilean commercial bank have heightened concerns about the security of payments. The cyberattacks take a toll on banks, which often must respond by switching to slower payment systems and sometimes restrict ATM access while they recover.
Global law firm Norton Rose Fulbright is using artificial intelligence to inform clients about emerging data-breach and privacy laws. The firm introduced a chatbot named Parker in Australia and has enhanced it to educate clients about the EU's new General Data Protection Regulation and Canada's 1 November implementation of data-breach laws.
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Just released: Global Knowledge Brief on internal audit competencies
Internal auditing requires a unique set of characteristics and competencies that differentiate the profession from others. What are the key competencies for the profession of internal auditing? Download the complimentary report to learn more.
Now is the time to become a CIA
The key to passing the Certified Internal Auditor exam is developing the right mindset and committing to taking the exam within a specified time frame. Several tips can help auditors move from planning for the exam to becoming certified. Read more about it in the Internal Auditor blog "Solutions by Soileau".
In whatever state of knowledge we may conceive man to be placed, his progress towards a yet higher state need never fear a check, but must continue till the last existence of society.
John Herschel, mathematician, astronomer and chemist