October 21, 2021
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Top News
An organization needs psychological safety for whistleblowing by internal auditors and others to have maximum impact on fraud detection and prevention, three accounting professors write. Whistleblowers are more likely to speak up fully if they perceive psychological safety, knowing retaliation is unlikely.
Full Story: The CPA Journal (10/2021) 
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The Race to Transform Internal Audit in the Digital Age
This 3-part Audit Informer series looks at how the surge of data and technology has affected internal audit and the pressure to adapt to this digital age, examines the drivers of change and the need for real-time risk assessment, and delivers a pragmatic vision of the future of audit.
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Internal Audit Watch
The Office of the District of Columbia Auditor has audited the Office of Unified Communications 911 Operations Division and has found inadequate oversight of dispatchers and call takers, inconsistent use of scripted protocols and location technology by call takers, and unnecessary complications for call takers caused by the number of chief complaints available. The Office of Unified Communications says it has made progress on some issues and will work to hire more call takers.
Full Story: WTOP-FM (Washington, D.C.) (10/19) 
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On the Frontlines: Not all findings are bad
Rahim (The IIA)
Although most internal audit reports focus on the weaknesses and problems internal auditors found, most audit testing reveals positive results, writes Tahsinur Rahim, head of audit and compliance at Guardian Life Insurance Ltd. in Dhaka, Bangladesh. In this week's On the Frontlines blog, Rahim writes that sharing such good news with audit clients shows them what is working and helps internal audit build a stronger relationship with them. However, it's important for auditors to strike a balance so that they still highlight the problems they found that might impact the client's operations, Rahim writes.
Full Story: Internal Auditor (10/20) 
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Sprinting Ahead With Agile Auditing
As organizations forge ahead, new regulations emerge, and cybersecurity and privacy threats introduce new risks, internal auditors need to be flexible and adaptive. Increasingly, auditors are turning to agile methodologies to achieve this shift. Download this eBook to find out the benefits, challenges, and best ways to implement agile audit. Get best practices for implementing agile audit.
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Risk & Compliance
Employers without a vaccination mandate will have higher legal and reputational risk, and companies with many unvaccinated employees could see more sick days and higher medical expenses, writes Dr. Jeff Levin-Scherz of Willis Towers Watson. Certain job sectors could see more employees quit or be fired over vaccine refusals, such as airport workers or police officers.
Full Story: Chief Executive (10/19),  Reuters (10/19) 
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The Securities and Exchange Commission has voted to seek public comment on a proposed rule for clawback of executive compensation that the SEC had discussed in 2015 but never finalized. The rule would increase the power of the SEC to require clawback of executive compensation when a company must restate financial results as a result of compliance failure.
Full Story: Reuters (10/14) 
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The momentum that special-purpose acquisition companies had in the early parts of the year has cooled, and Mark Watson III of Aquila Capital Partners points to regulatory scrutiny and the risk of falling short of investor expectations. Companies wishing to go public through SPAC deals must ensure they are ready to publicly disclose financial results, Watson notes.
Full Story: Insurance Business America (10/14) 
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Creating Value Through Internal Audit
Creating value through internal audit — The reality is that all risks are not the same. Different types of risk need different approaches, methodologies, and skillsets; different reporting methods and tools; and different thinking to properly gauge the way they are managed. Learn more.
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Fraud & Ethics
D.C. attorney general accuses Marriott of deceptive fees
(Glenn Hunt/Getty Images)
District of Columbia Attorney General Karl Racine is suing Marriott International for alleged deceptive practices in reaping what his office says is more than $220 million in resort fees since 2012. The company did not respond immediately to the new filing in a 2019 lawsuit, but it has denied previously that it failed to notify guests of the fees up front.
Full Story: The Wall Street Journal (10/19) 
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Solving Challenges to Combined Assurance
Do you have an accurate picture of risk across your organization? Combined assurance aims to coordinate risk management efforts across the business, but issues like stakeholder buy-in, gap visibility, and decentralized systems can hinder success. Learn how to overcome these challenges in Advancing Combined Assurance to Manage Key Risks. Get the guide.
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Technology
The federal government is addressing cybersecurity issues, but business owners ultimately are responsible for protecting themselves from data breaches, former IIA President and CEO Richard Chambers writes. That means taking steps such as conducting risk assessments to determine areas of vulnerability, operating under a "zero-trust" security policy and creating a security-focused company culture.
Full Story: Forbes (tiered subscription model) (10/18) 
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Feds raise alarm over BlackMatter ransomware attacks
(Pixabay)
The Cybersecurity and Infrastructure Security Agency, the National Security Agency and the FBI have released a joint advisory on the BlackMatter ransomware group, which has been targeting critical infrastructure groups and US companies in the food and agriculture industry. NSA Director of Cybersecurity Rob Joyce explains that BlackMatter's operations have become a national security concern and notes that "the mitigations in the joint advisory ... will protect networks and mitigate the risk against BlackMatter and other ransomware attacks."
Full Story: Dark Reading (free registration) (10/18) 
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5 Dynamic & Distinguished Presenters
From a former FBI Special Agent to a Forbes magazine-featured executive coach, our keynote presenters make All Star a must-attend event and one-of-a-kind experience. Our conference team is updating the program with some of today's most sought after leaders in the field.
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Professional Development
Avoid the perils of perfectionism by focusing on progress, the present and the chance to learn from mistakes, says Ryan Estis. "As I look back at my life, so many of my biggest setbacks and mistakes were catalysts for growth and important life lessons," Estis writes.
Full Story: Ryan Estis & Associates (10/17),  YouTube/Ryan Estis & Associates (10/15) 
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Broaden Your View & Save
Earning the CRMA after your CIA broadens your holistic view of the organization's strategies and business objectives. It also proves you are an experienced, credible professional and showcases your ability to enhance governance, risk management, and control processes. Apply for free through December 31, 2021.
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IIA News
IIA brings back in-person learning opportunities
In-person events are back and better than ever. Get ready for the safest and savviest conference experience. But if you're not ready to engage face-to-face, chose from our suite of online training options, from livestreaming in real time to a robust playback library. Either way, you can stay, go, or switch it up. Learn more.
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IIA and Workiva: Embracing the future
The latest Global Knowledge Brief, "Embracing the Future: How technology helps audit teams stay ahead of the curve," outlines how internal audit can benefit from pandemic-accelerated digital transformation. It explains how internal audit must embrace the spirit of innovation and how agile methodology can improve the entire engagement process. Plus, this tech-savvy and sophisticated report presents two case studies that detail how obstacles became opportunities for internal auditors during the prolonged pandemic. Free download for members.
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LEARN MORE ABOUT IIA:
COVID-19 Resource Exchange
How fragile we are under the sheltering sky. Behind the sheltering sky is a vast dark universe, and we're just so small.
Paul Bowles,
writer, composer
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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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E-mail: CustomerRelations@theiia.org
Phone: +1-407-937-1111
Fax: +1-407-937-1101

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