January 14, 2021
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Top News
Anthony Pugliese, president and CEO of the California Society of Certified Public Accountants, has been selected to succeed IIA President and CEO Richard Chambers. Pugliese, whose experience includes executive roles at the American Institute of CPAs, "is an articulate, well-informed, passionate and results-driven leader with a consistent track record of great successes that inspire and benefit not only his organizations but, importantly, the members they serve," IIA global Chair Jenitha John says.
Full Story: Accounting Today (free registration) (1/12) 
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Share Your Insights: Take the State of Internal Audit 2021 Survey
We've just marked the end of the most challenging year in a century. How are you adapting? We're checking on internal audit to learn whether you're reworking budgets, redefining strategies, reallocating staff, or rebooting technology. Take this 9-minute survey to enter a draw for one of 10 $50 Amazon gift cards and to receive your ADVANCE COPY of the State of Internal Audit 2021 report.
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Internal Audit Watch
Improper revenue recognition is the most common form of financial statement fraud, accounting for 43% of schemes, according to an Anti-Fraud Collaboration analysis of enforcement actions by the Securities and Exchange Commission. Reserves manipulation comes in second, while inventory misstatement and loan impairment issues share third place.
Full Story: Bloomberg Tax (free content) (1/11),  Journal of Accountancy online (1/11),  Compliance Week (tiered subscription model) (1/12),  Going Concern (1/12) 
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What the World Economic Forum's "Future of Jobs Report" means for internal audit
Chambers (The IIA)
IIA President and CEO Richard Chambers dives deep into the World Economic Forum's third edition of "The Future of Jobs Report." He writes that "buried within the report is a treasure trove of information on how the job market is likely to be impacted by COVID-19 and the ongoing Fourth Industrial Revolution, the digital revolution," and he notes that there "is also an ominous forecast for those of us in the audit profession."
Full Story: Internal Auditor online (1/10) 
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5 CEO Skills Every Audit Leader Needs in 2021
Audit leaders of today need to not only execute the audit plan, but also be a strategic partner to the business. This white paper explores how audit professionals can embrace tools like automation and analytics to deliver real-time risk insights to think and act like CEOs. Download now >>
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Risk & Compliance
US companies should expect more disclosure mandates regarding environmental, social and governance matters, write Louis Rambo and Frank Zarb of law firm Proskauer Rose. Rambo and Zarb have analyzed statements made by Janet Yellen, whom President-elect Joe Biden will nominate as Treasury secretary, and likely priorities for the Securities and Exchange Commission under the Biden administration.
Full Story: JD Supra/Proskauer Rose (1/12) 
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Vice President-elect Kamala Harris was a strong advocate for protecting consumer data as California's attorney general, but "there is no crystal ball to predict" how Congress and the White House might approach national privacy legislation, write Heather McArn, Judith Selby and Joanna Storey of law firm Hinshaw & Culbertson. In this roundup, they examine privacy laws around the world and the state of play for 2021.
Full Story: JD Supra/Hinshaw Privacy & Cyber Bytes (1/5) 
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This year will highlight that "data privacy and governance cannot be achieved with separate standalone tools" and instead must be part of an analytics infrastructure, Prangya Pandab writes. Another prediction: more convergence among products in the data-management industry.
Full Story: EnterpriseTalk (1/8) 
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Get the Guide to IPE Best Practices for Internal Audit Teams
Have the pandemic and resulting business changes upended your internal controls environment? You're not alone. CAEs from all industries are facing the same challenge. Our in-depth guide can help you manage IPE controls, despite external challenges. Get the Best Practices for Managing IPE Controls eBook, now updated for 2021.
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Fraud & Ethics
Brian Bravo, former head of purchasing for Broward Health, faces up to 60 years in prison and a $1.25 million fine if convicted of bribery. Prosecutors say Bravo steered hospital district contracts in exchange for vacations to Cancun and the Bahamas, World Cup tickets and $600,000 in kickbacks.
Full Story: Sun-Sentinel (Fort Lauderdale, Fla.) (tiered subscription model) (1/11) 
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GAM 2021 Goes Virtual!
Secure your virtual spot at this premier event for audit leaders, March 16-18, 2021. Gain competencies, tools, and skills to leverage impact, credibility, and value. Register now.
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Technology
The SolarWinds breach has wide-ranging implications for how companies protect themselves and their supply chains, as well as for how the government approaches cybersecurity. Cybersecurity reflects culture, so employees must be properly trained, understand priorities and have as few distractions as possible, writes Lakshmi Hanspal of Box, while Rob Knake of the Council on Foreign Relations writes that the government's response to cybersecurity threats requires better execution of strategies.
Full Story: Harvard Business Review (tiered subscription model) (1/6),  Foreign Affairs magazine (1/6) 
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CrowdStrike researchers have discovered a third malware tool called Sunspot that was used to breach SolarWinds' internal network in September 2019. Attackers reportedly dropped Sunspot in the build environment of SolarWinds' Orion software, where it injected a Sunburst backdoor by replacing the company's source code files without being detected by internal alarms.
Full Story: Infosecurity (U.K.) (1/12),  ZDNet (1/12) 
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Align With The Three Lines Model
This new Global Perspectives and Insights outlines essential governance elements and answers questions about implementing The Three Lines Model in different industries, with a focus on accountability, actions, and assurance and advice — the core elements essential for good governance. Download now.
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Professional Development
Mispronouncing someone's name, especially repeatedly, can be disrespectful and leave that person feeling "less valued," says University of Michigan assistant psychology professor Myles Durkee. In the workplace, ask people what name they go by, and keep a reminder of how they pronounce it if you need to, Durkee says.
Full Story: BBC (free registration) (1/11) 
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NEW! CIA Exam Prep System
All-new and redesigned, The IIA's CIA Learning System was updated to provide the most personalized, flexible, and efficient study experience for express, exam day success. It remains the only CIA exam preparation program that aligns The IIA's professional knowledge, training, and certification expertise. Learn more.
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IIA News
IIA releases second annual American Corporate Governance Index
The 2020 American Corporate Governance Index: Making Strides Amid Crisis remains the only index that measures performance in key governance areas among publicly held US companies. The index is based on the Guiding Principles of Corporate Governance, which were developed in partnership between The IIA and the University of Tennessee's Neel Corporate Governance Center. Download a copy today.
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January Members-Only Webinar: The State of Corporate Governance and Opportunities for Internal Audit
With the release of the 2020 American Corporate Governance Index, gain perspectives on the state of corporate governance and the opportunity for internal auditors to provide assurance on governance to their stakeholders. IIA members, register now for the Jan. 19 webinar.
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COVID-19 Resource Exchange
If we are lucky, the end of the sentence is where we might begin.
Ocean Vuong,
poet, writer
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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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