Audit shows Nigeria was paying 23,800 nonexistent employees | Indian president: Internal audit should aid in implementing government programmes | RBI's Rajan: Central banks should be evaluated under global rules
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15 March 2016
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Internal Audit Watch
Regulation spurs demand for internal auditors in UK, firm says
The number of internal auditors in financial services in the UK increased 20% to 25% last year, largely because of heightened regulation, says recruiting firm Morgan McKinley. Meanwhile, jobs at external-auditing firms have soared, and compliance vacancies have risen, the firm says.
Economia magazine online (U.K.) (02 Mar.) 
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Audit shows Nigeria was paying 23,800 nonexistent employees
Nigeria found through an audit that salaries had been going to 23,846 nonexistent workers, said Festus Akanbi, a special adviser to the finance minister. The federal payroll decreased US$11.5 million in February compared with December, when the audit of biometric data and bank verification numbers began, Akanbi said. Some people had been receiving salaries from multiple sources, officials said.
Deutsche Welle (Germany)/Agence France-Presse/Reuters (29 Feb.) 
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Indian president: Internal audit should aid in implementing government programmes
India's internal audits should go beyond compliance with regard to ministries' programmes and "aid management in the effective implementation of programmes and help reduce cost and time overruns," President Pranab Mukherjee said. Audits also should focus more on risk management, he said.
The Economic Times (India)/Press Trust of India (01 Mar.) 
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Enhance Public Sector Cooperation Through Increased Understanding
The interaction between internal and external auditors in the public sector is necessary to effectively serve stakeholders' needs. Maximizing the value of these interactions can be enhanced if both parties understand the perspective from which the other is operating. This new guidance compares and contrasts IIA and INTOSAI frameworks. Download it now.
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Risk Management
RBI's Rajan: Central banks should be evaluated under global rules
INDIA-ECONOMY-BANK-RATE
Rajan (Punit Paranjpe/Getty Images)
A global system should be created to assess the "spillover" effects of decisions made by central banks, including unconventional monetary policies, said Raghuram Rajan, governor of the Reserve Bank of India. "We can pretend all is well with the global financial non-system and hope that nothing goes spectacularly wrong. Or we can start building a system for the integrated world of the 21st century," he said at an International Monetary Fund event in New Delhi.
Reuters (12 Mar.) 
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Drive Your Career Forward: IIA Professional Credentials
An IIA Professional Credential can move your career in the right direction, whether you are just starting down the audit path or taking your career to new heights. Drive to new opportunity, with increased earning potential, deeper knowledge, and enhanced credibility. Learn more.
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Regulation & Compliance
China might merge regulators into superagency
Challenged by a need to reduce market volatility and fraud, China is considering combining its securities, banking and insurance regulators into a single agency, sources say. The merger would be intended to increase coordination and data sharing among financial regulators, they say.
South China Morning Post (Hong Kong) (free registration) (07 Mar.) 
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UK gets more requests for help with fraud cases
Foreign governments made 55 requests for mutual legal assistance regarding major fraud cases to the UK government last year, a 62% year-over-year increase, data show. About 20% of these cases had to do with cyberfraud.
Economia magazine online (U.K.) (03 Mar.) 
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Data Analytics: Evaluating Internal Audit's Value
CAEs have long struggled with harnessing data to create value. They want and need to create an integrated, efficient approach to data analytics, but many don't know how to begin. This new book provides a data analytics framework to help internal auditors broaden risk coverage and enhance audit efficiency. Order today.
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Fraud & Ethics
Former Brazilian president is charged with money laundering
Former Brazilian President Luiz Inacio Lula da Silva faces money-laundering charges in connection with a corruption investigation of Petrobras, a state-backed oil company. Prosecutors are accusing at least 16 people in the scandal.
BBC (10 Mar.) 
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Philippines scrutinised over possible money laundering
The head of the Philippine Securities and Exchange Commission warned that the country runs the risk of returning to the money-laundering "gray list" of the Financial Action Task Force. Teresita Herbosa said the Anti-Money Laundering Council is looking into reports that US$100 million in illegal funds has been channelled through the Philippine financial system, with some of the money spent at casinos.
BusinessWorld (Philippines) (02 Mar.) 
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Canadian debit card fraud drops to record low
Canada saw debit card fraud losses fall 27% last year and reach an all-time low, thanks to EMV migration and real-time payments, says fraud manager Mark Sullivan of Interac, Canada's payment network.
BankInfoSecurity.com (01 Mar.) 
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New Releases from CBOK Practitioner Study
The latest reports from the CBOK Practitioner Study focuses on the emerging issues surrounding management. Download the FREE reports for key insights into best practices when dealing with third parties, audit committees, and with your internal audit staff.
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Technology
North Korea accused of hacking email to get to railway system
South Korea is accusing North Korea of trying to hack into its railway system by targeting employees' email. South Korea's National Intelligence Service said it locked down the accounts. It also stepped up rhetoric against the country, which has been accused of a string of state-sponsored cyberattacks.
Reuters (08 Mar.) 
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You Are Part of the Change
You play a critical role in ensuring the proposed Standards sufficiently support the demands of the profession, its practitioners, and your stakeholders. Take action by 30 April.
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IIA News
The IIA extends International Conference early-registration deadline
Candidates have a few more weeks to save on registration for the internal auditor event of the year -- The IIA's International Conference and 75th Anniversary Celebration. Register by 31 March to take advantage of reduced fees for access to more than 100 global speakers, 70-plus sessions in 10 educational tracks, and networking opportunities with more than 2,000 attendees from all over the world. Registrants will save an additional US$100 by booking hotel accommodations at the time of registration by selecting one of the official conference hotels. Get the details.
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Savings on March's Book of the Month for Institute members
During March, IIA members will receive a 20% discount on the PDF or e-book format of "The Internal Auditor's Guide to Risk Assessment" when using promo code INSTITUTE at checkout. Developing a balanced risk mindset is one of the foundational elements of being able to perform effective risk assessments, and author Rick Wright, CIA, provides a step-by-step guide outlining the key elements of a strong risk-assessment framework and key concepts that help guide the process.
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Boards and audit committees should be responsible for appointing the CAE. Read "Too Many Boards Sit on Their Hands as CAEs Are Hired and Fired," the latest blog post from IIA President and CEO Richard Chambers.
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The scientific man does not aim at an immediate result. He does not expect that his advanced ideas will be readily taken up. His work is like that of the planter -- for the future. His duty is to lay the foundation for those who are to come, and point the way.
Nikola Tesla,
physicist, engineer and inventor
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