Overcoming isolation and loneliness during the coronavirus lockdown | Commentary: Value addition key for internal audit | Survey finds room for improvement in ERM
April 2, 2020
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Top News
A whistleblower with compliance duties has been awarded $450,000 from the Securities and Exchange Commission, becoming the third person with internal audit or compliance duties to receive such an award. Information from the whistleblower helped the SEC refocus an investigation that led to an enforcement action.
Full Story: The National Law Review/Kohn, Kohn & Colapinto (3/31),  Compliance Week (tiered subscription model) (3/30),  Law360 (subscription required) (3/31) 
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New AuditBoard Solution for Managing Risks.
The industry's top-rated platform just got better. Introducing RiskOversight, a brand new addition that extends the value of the AuditBoard platform, enabling you to streamline and elevate your risk management programs. With RiskOversight, you can manage the identification, assessment, response, mitigation, and monitoring of risks in a highly integrated, visual, and intuitive way.
Internal Audit Watch
Overcoming isolation and loneliness during the coronavirus lockdown
Pelletier (The IIA)
Remote working has quickly become the new normal, writes Jim Pelletier, IIA vice president of standards and professional knowledge. "In this environment, business leaders must be aware of the impacts not just to their operations and bottom lines, but to their employees," he writes. Pelletier notes that with employees' common practices being disrupted so completely, there will inevitably be an impact not only to productivity, but also to their personal well-being.
Full Story: Internal Auditor online (3/27) 
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The internal audit function is evolving, taking on duties such as participating in decision-making by leadership and giving input on business strategy, writes Bharat Shah of RSM India. Shah explains how the internal audit function can set itself up for the future by not only preserving but also adding value.
Full Story: Consultancy (3/24) 
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Discover the best takeaways from the IIA GAM 2020 Conference.
Join us for a 60-minute webinar where we share key takeaways from the 2020 IIA GAM virtual conference. We will discuss how internal audit leaders can embrace a risk-based or agile auditing approach, build a culture of collaboration—while maintaining independence, and use audit analytics and automation to improve audit efficiencies. Register now
Risk & Compliance
One purpose of enterprise risk management is to ensure organizations consider risks and plan actions necessary to be in a proactive, instead of reactive, stance. An annual survey by the ERM Initiative and the Association of International Certified Professional Accountants shows 39% of organizations have a minimal or nonexistent procedure for gauging or finding industry, market or strategic risks, compared with 32% a year ago.
Full Story: Journal of Accountancy online (4/1) 
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The Environmental Protection Agency has suspended some legally required public health and environmental protections because of the coronavirus pandemic. The waiver is retroactive to March 13 and requires businesses to follow "reasonably practicable" regulations and to explain how the pandemic is the cause if a violation occurs, the EPA says.
Full Story: The Associated Press (3/26) 
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Infographic: Optimizing Your GRC Technology Ecosystem.
KPMG, OCEG, and Workiva joined forces to create this infographic that describes ways to optimize governance, risk, and compliance (GRC) technology. Download your copy now to see
Fraud & Ethics
Fraud linked to the coronavirus pandemic has cost US consumers $4.77 million, according to the Federal Trade Commission. The FTC says the median loss is $598.
Full Story: Agence France-Presse (4/1) 
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PokerStars founder enters guilty plea on illegal gambling
PokerStars founder Isai Scheinberg faces up to five years in prison after pleading guilty to a charge of running an illegal gambling operation. He is one of 11 online poker room executives charged with illegal gambling, money laundering and bank fraud stemming from April 2011's "Black Friday."
Full Story: CardPlayer (3/25) 
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Join us for a Master Class "5 Ways to Improve Audit Quality".
Dr. Amanda White, Senior Lecturer at the University of Technology Sydney, will discuss, "5 Ways to Improve Audit Quality." Explore how audit quality has evolved and current measurement methodologies. Learn about audit practices and emerging technologies that are helping practitioners support audit quality. Earn 1 hour of NASBA CPE credit. 5 Ways to Improve Audit Quality.
Getting to know Zoom -- and the privacy concerns it raises
(Kena Betancur/Getty Images)
For people just getting to know the Zoom system for videoconferencing, Sharon Nelson and John Simek of IT and cybersecurity company Sensei Enterprises have a long-form primer. Among their points: Beware of privacy, because Zoom "collects a lot of data from users about their devices, activities and data shared or transferred."
Full Story: Attorney at Work (3/27) 
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Governments around the world are turning to facial recognition and cellphone tracking technology as part of their efforts to contain the coronavirus outbreak, but widespread use of these tools poses a threat to individual privacy, warns Joseph Cannataci, the United Nations special rapporteur on the right to privacy. "Dictatorships and authoritarian societies often start in the face of a threat," Cannataci cautions.
Full Story: Thomson Reuters Foundation (3/31) 
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Specialty Audit Centers Now Included With IIA Membership.
The IIA's Financial Services, Public Sector, and Environmental, Health & Safety Audit Centers will now be included with IIA membership, giving you preferred access to industry-specific webinars, Knowledge Briefs, and more at no additional charge. Learn more.
Professional Development
Use your time in isolation to become more creative
Turning to creative arts such as journaling, cooking, painting or reading can help ease anxiety, provide a sense of control and reveal new skills during this time of social distancing, writes Lauren Clark. "One of the joys that will arise from this current situation is that humanity will become more creative, and ... closer!" she writes.
Full Story: Thrive Global (3/25) 
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Learn From the Leader Anywhere.
It may feel as if the world has been put on hold, but your professional development doesn't have to be. As some of our face-to-face events may be postponed or canceled, IIA Online Seminars offer real-time, facilitator-led courses in short sessions over multiple days.
IIA News
A foundation-to-framework guide for data protection
In collaboration with Crowe, The IIA's Internal Audit Foundation has released Privacy and Data Protection -- Internal Audit's Role in Establishing a Resilient Framework. The first in a three-part series, this new report serves as a how-to guide to assist internal auditors in assessing their current level of preparedness regarding privacy and data protection issues. Download today.
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New report boils down data ethics to good governance
The IIA's new Global Knowledge Brief, Data Ethics -- Where Does Internal Audit Fit?, explores organizational conduct and the potential associated reputational and financial damages for failure to establish appropriate data governance. As the regulatory environment around data ethics evolves, internal auditors must expand their knowledge of this risk. Members can download now.
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Challenge yourself; it's the only path which leads to growth.
Morgan Freeman,
actor, narrator
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About The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is the internal audit profession's most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 200,000 members from more than 170 countries and territories. The association's global headquarters are in Lake Mary, Fla. For more information, visit www.theiia.org.
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