South African President Cyril Ramaphosa is calling for lifestyle audits for government ministers and civil servants. Claudelle von Eck of IIA SA said the proposal is "a very good idea on the surface, but how are we going to implement it, and how are we going to ensure that individuals in the game will play it as they should?"
The Vietnamese government has ordered internal audits for companies that are fully state-owned and those with half their charter capital owned by the state. The decree is also intended to motivate other companies to pursue internal audits.
Panama, Saudi Arabia and four US territories are on a list of countries the European Commission has deemed as having insufficient controls on money laundering and terrorism financing. EU banks will be required to give extra scrutiny to payments from countries on the list, which is subject to approval by the EU.
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Hearings in South Africa about Public Investment Corp.'s investment in Ayo Technologies included testimony from the PIC's executive head of internal audit, Lufuno Nemagovhani. Internal audit found some irregularities in the investment, Nemagovhani said.
Audits of a company's culture in addition to its finances can deliver value, writes Michael Armstrong, the Institute of Chartered Accountants in England and Wales' regional director for the Middle East, Africa and South Asia. "A multi-faceted approach to assessing culture that brings together both quantitative and qualitative data points that already exist can help give the board and senior management insight into the culture of the organisation and help to build a picture of what is important," he writes.
An administrative inquiry by Brazil's securities regulator is focused on Nelson Krahenbuhl Salgado, Embraer's chief financial officer and investor relations director, and whether the jet-maker provided insufficient information about a proposed joint venture with Boeing. "From our perspective, given the way it was communicated, the disclosure sought to diminish the importance of the fact that Embraer will have very limited means to influence operation of the" new company, said Raquel de Campos, a federal prosecutor with the regulator.
Canadian minister Jody Wilson-Raybould has stepped down from her Cabinet position amid accusations that she was pressured by the prime minister's office to intervene in a corruption case against SNC-Lavalin, an engineering group. The Globe and Mail reported sources as saying Wilson-Raybould, who was federal justice minister and attorney general at the time, would not ask prosecutors to reach a deal to suspend the case.
Australian banks face disruption from technology as they work to build and keep customers' trust, write Gene Phillips of PF2 Securities Evaluations and Terry Marsh of Quantal International. "Unless the banks quickly improve their communications and infrastructure, they risk losing their customers to alluring alternative providers," they write.
Ten years ago, amid unprecedented economic upheaval, Richard Chambers became The IIA's president and CEO. The internal audit profession has changed much since then, he says, and it will need to continue to evolve. Read the article now on Internal Auditor.
Boards look to harness blockchain disruption
Blockchain technology holds enormous promise to transform how businesses operate and has the potential to be a disruptive technology, one that changes how whole industries work. However, the truth is that disruptive technologies leave corporate boards uneasy. Learn more.
I don't listen to what art critics say. I don't know anybody who needs a critic to find out what art is.