Chartered IIA survey: Internal audit takes pandemic hit | IIA's John, Chambers discuss pandemic impact | Malawian official: Firms must prioritise internal audit
17 November 2020
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Internal Audit Watch
The IIA has backed a request from Liberian President George Weah for US assistance in investigating the deaths of four Liberian government auditors who might have been examining potential corruption. "If these deaths are determined to be more than coincidental accidents, we feel that such a sinister act ... would be an attack on the people and an assault on society and democracy," according to a letter from The IIA to the US State Department.
Full Story: FrontPageAfrica (19 Oct.),  Accounting Today (free registration) (19 Oct.),  Deutsche Welle (Germany) (15 Oct.) 
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Lockdowns in the UK and Ireland during the coronavirus pandemic have hampered internal auditors' ability to perform main tasks, with many auditors furloughed or switched to different positions, according to a survey by the Chartered Institute of Internal Auditors. The finding highlights a need for changes to bolster corporate governance and to avert conflicts of interest, says John Wood, interim CEO of the Chartered IIA.
Full Story: Accountancy Age (London) (tiered subscription model) (06 Nov.) 
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The coronavirus pandemic has shifted how internal auditors work and what they focus on, IIA global Chair Jenitha John and President and CEO Richard Chambers said during events hosted by The IIA Qatar. Audit hot spots have switched to topics such as crisis response and operational resilience from topics including fraud and information security, John said.
Full Story: Gulf Times (Qatar) (03 Nov.),  Gulf Times (Qatar) (22 Oct.) 
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The internal audit function is not widely accepted in Malawi, but that needs to change, given internal audit's importance to corporate governance, Vice President Saulos Chilima said at a conference of The IIA Malawi. "I dare organisations and companies that are stuck in this mindset to reflect and start giving prominence to the head of internal audit," Chilima said.
Full Story: Nyasa Times (Malawi) (07 Nov.) 
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Risk Management
Many major companies in the UK and Ireland deem climate change a risk but devote little of their internal audit resources to it, according to a survey co-conducted by the Chartered Institute of Internal Auditors. Meanwhile, a report from the Organisation for Economic Co-operation and Development shows 21% of climate funding mobilised by wealthy countries in 2018 was directed at helping poorer countries adapt, although much of the money was offered as loans, rather than grants.
Full Story: Edie (UK) (free registration) (06 Nov.),  Climate Home News (06 Nov.) 
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Regulation & Compliance
A proposed law in Rwanda would oversee the processing of personal data while setting up privacy regulations for telecom companies, banks and other gatherers of personal information. Under the draft law, which needs parliamentary approval, offending companies would be subject to stiff fines.
Full Story: The New Times (Rwanda) (06 Nov.) 
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New Release — IAATW, Vol. 16: The Future Auditor Has Arrived
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Fraud & Ethics
Anti-fraud authorities in the UK have opened an investigation into Canadian plane-maker Bombardier over allegations of bribery and corruption in deals with Asian carrier Garuda Indonesia. The investigation includes examination of Garuda's leasing and purchase of Bombardier jets in 2011 and 2012.
Full Story: Reuters (05 Nov.) 
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UK banks have rejected nearly 27,000 fraudulent applications, worth over £1.1 billion, for loans from the government's "bounce back" scheme, according to British Business Bank.
Full Story: Financial Times (subscription required) (05 Nov.) 
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The latest large-scale data breach in India has the government reconsidering security regulations and practices. The incident involves the country's top online grocer, BigBasket, which is faced with personal information of 20 million customers being available on the dark web.
Full Story: The Indian Express online (India) (12 Nov.),  The New Indian Express (India) (09 Nov.) 
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A well-organised cyberattack on Gunnebo, a security firm in Sweden, has netted hackers an unusual trove of information: drawings of bank vaults and specifications for monitoring and alarm equipment. Gunnebo says about 38,000 documents were exposed in the August attack.
Full Story: The Daily Swig (27 Oct.) 
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IIA News
Updates to The IIA's Internal Audit Practitioner programme
The launch of revised requirements for the Internal Audit Practitioner programme enables new internal auditors, including students, to prove their aptitude and foundational knowledge of the Standards. The designation is active for three years and provides a pathway to becoming a Certified Internal Auditor. Learn more.
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In case you missed The IIA's International Conference
More than 800 internal auditors around the globe convened virtually for inspiring insights and discussion. Internal Auditor magazine covered many of these dynamic sessions on its up-to-the-minute Newswire site. From exploring how cybersecurity metrics do not have to be difficult to learning how to be an upstream hero, access the recap by scrolling to 2-4 November on Newswire.
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COVID-19 Resource Exchange
Sometimes you've got to go to the wrong place just to show that you're not afraid to go there.
Leonardo DiCaprio,
actor, producer
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IIA Global Resources
IIA Global HQ Contact Information
The Institute of Internal Auditors, Global Headquarters
1035 Greenwood Blvd., Suite 401
Lake Mary, FL 32746 USA
Phone: +1-407-937-1111
Fax: +1-407-937-1101

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