The proportion of internal control professionals who use technology specific to compliance with the Sarbanes-Oxley Act has increased to one-third, double the rate in 2018, according to a survey by the SOX & Internal Controls Professionals Group and Workiva. The survey also finds internal audit has become more involved with Sarbanes-Oxley compliance.
Thinking about the internal audit of the future? Don't miss these upcoming Dbriefs webcasts…and earn CPE credit!
• Cognitive risk sensing: Enabling IA to anticipate risks - October 10
• Agile leadership: Embrace the change you want to see - December 10
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An internal audit focused on former Nissan Chairman Carlos Ghosn has resulted in the resignation of CEO Hiroto Saikawa, after the audit found Saikawa had been overcompensated by stock options worth more than $450,000. Christina Murray, vice president of internal audit and leader of the inquiry, also has resigned, reportedly because she was frustrated only directors had received focus in conclusions from the audit.
"The approach of the powerful and destructive storm toward Central Florida triggered implementation of The IIA Global Headquarters' emergency management plan," writes IIA President and CEO Richard Chambers. "Fortunately, the storm's impact on our global headquarters ended up being minimal for The IIA and its staff." The storm, however, provided several risk management lessons at the organizational level and on a personal level, Chambers says.
Companies trying out dry runs for the new critical audit matters requirement for financial reporting are finding that they'll have to update their financial statement disclosures, according to an Intelligize report. "The companies that are proactively addressing potential CAM issues head-on and are meeting internally to ensure everyone is on the same page will certainly reap the benefits when it comes time to publish annual reports," says Marc Butler, lead author of the report.
Five characteristics to disrupt the IA risk assessment process.
As organizations look to manage their expanding risk proﬁle, it is becoming increasingly complex for IA functions to evaluate and monitor risks through traditional risk assessment activities. Learn more about how forward-looking IA departments are disrupting the risk assessment process by delivering a results-oriented and value-based IA risk assessment.
Companies outside the tech industry, including retailers, restaurants and airlines, are grappling with California Consumer Privacy Act compliance, which goes into effect Jan. 1 and requires businesses to acquiesce to consumer requests for the personal data they're storing and offer options to opt-out of third-party sharing. The struggle is exacerbated by various ways they house data, and to simplify matters some businesses are planning on giving consumers nationwide the same abilities as in California to control their data, writes Patience Haggin.
In a recent case, the National Labor Relations Board decided that employers do not violate the National Labor Relations Act solely by misclassifying employees as independent contractors. "[E]rroneously communicating to workers that they are independent contractors does not, in and of itself, contain any 'threat of reprisal or force or promise of benefit,' " the NLRB held.
The Occupational Safety and Health Administration updated its fall prevention and protection rules three years ago, but many employers have yet to start following them, and deaths from workplace falls are climbing, experts say. "For roof fall hazards, the most economical time to address these issues is during a reroofing, so this may take a generation of roofs, 10 to 20 years, before we've seen significant changes," said Thomas Kramer of engineering firm LJB Inc.
How to prevent internal audit from becoming obsolete
In this eBook, a former auditor shares his views on why traditional audit practices are becoming extinct--and how today's internal auditor can stay ahead of the curve. Discover next generation audit techniques and tools that will eliminate your 'tick mark time' so you can focus on driving value in your organization. Download your eBook >>
Certified public accountants are in a position to spot money-mule schemes, which lure unsuspecting victims into money laundering by getting them to accept money and send it to a third party. The FBI, the Secret Service and the Postal Inspection Service are among agencies that have cracked down, taking action against hundreds of perpetrators.
New and Established Presenters
Join us in Vegas for The Best and More of brand-new keynotes and evolutions of encore presentations focused on six distinct educational tracks, including two dedicated to gaming and hospitality. Attendees can earn up to 21 CPEs by adding the pre-conference workshop to their conference registration. Register today.
Social engineering, such as luring victims to click on links in malicious emails, is the key to the vast majority of hacking attempts. Phishing attacks can be sophisticated, but there are still ways to spot fraudulent messages.
CAE Exclusive Opportunity The Audit Executive Center® (AEC) has distinct membership levels that empower audit leaders with relevant content, peer networking, audit function solutions, and exclusive leadership development opportunities. Save 20% before Aug. 31, 2019.
Improve workplace inclusion by coaching leaders in group learning forums and conducting audits to see what changes should be made, writes Anna Marie Valerio, president of Executive Leadership Strategies. She discusses these steps in terms of the Giving Voice to Values philosophy.
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Sept. webinar: Agile auditing: Transforming internal auditing using scrum
Gain a basic understanding of what it takes to make the transition to Agile auditing and the potential benefits to be gained. This webinar will provide an overview of Agile values and principles and how use of the scrum process framework can transform the internal audit value proposition. IIA members can register for the Sept. 17 webinar for one free CPE.
IIA Bookstore releases a new edition of Auditing Social Media
This second edition includes new and updated information on such areas as monitoring and listening to the social media conversation, protecting the organization's brand on social media, developing effective and compliant social media policies, decommissioning social media accounts, and so much more. Social proof is between the pages. Learn more and order today.
Music is the space between the notes.
Claude Debussy, composer
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