Financial institutions in Pakistan now have a uniform framework designed by the country's central bank to help them put effective internal audit governance into place. The State Bank of Pakistan is calling on institutions to be in compliance with the guidelines by the end of 2019.
Only 183 of Ghana's more than 500 public health care facilities have internal auditors, said Kwabena Hemeng-Ntiamoah, the Ghana Health Service's director of internal audit. The sector has been struggling with losses from fraud, waste, accounting irregularities and other issues, officials said.
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Japanese banks whose investment returns have declined after a loosening of risk management should not attribute the struggling performance to the Bank of Japan's monetary policy, said Makoto Takashima, chairman of the Japanese Bankers Association. "Each bank should be responsible for their risk appetite to respond to their customer needs and boost revenue," he said.
Zuzana Caputova, a pro-environment, anti-corruption lawyer and political novice, has been elected the first female president of Slovakia. Caputova said her first priority is to make Slovakia "a reliable and predictable partner of the European Union".
A decree that took effect in Vietnam this month requires state-owned authorities, public service organisations and privately listed companies to put internal audit practices into place. The decree does not outline precise steps such entities must take to comply, but does encourage the adoption of internal control and risk-management systems.
More than 1,300 investment firms filed transaction reports for 2018 under Europe's revised Markets in Financial Instruments Directive that contained errors, according to regulatory consultancy Bovill. "Given how common reporting errors are among firms that are MiFID II-ready, companies that haven't detected any should be wary," said Bovill managing consultant Damon Batten.
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Colombian Inspector General Fernando Carrillo said international collaboration needs to improve with regard to anti-corruption efforts. "There exist new forms of corruption that are a lot more sophisticated than in the past, and we need to respond with adequate tools and policies at the local and international levels," he said.
An internal audit has led to allegations that contractors providing outsourced workers to Indian-owned electricity distribution company Dakshinanchal Vidyut Vitran Nigam had withheld a portion of employees' provident fund, state insurance and dues. The alleged scam totalled 30 lakh rupees.
A report released by British officials draws attention to Huawei's cybersecurity track record and says the company has failed to stand by its promise to implement companywide cybersecurity policies. Huawei said the report highlights the effectiveness and rigorous nature of the UK's cybersecurity oversight.
May is International Internal Audit Awareness Month
As an internal audit professional, you play an important role in raising awareness of the profession. Whether you're involved in your local chapter, new to the field, part of an extensive audit team, or your organisation's sole practitioner, there's something you can do to elevate the profession. Learn more and access tools to advocate in May.
Assessing the risk-management process
A new practice guide from The IIA addresses how to evaluate, and contribute to the improvement of, risk-management processes. It covers ways to communicate assurance and insight to management and the board on effectiveness, maturity level, and related issues and challenges. Free member download.
[Human evolution] just got even messier, more complicated and a whole lot more interesting.
Matt Tocheri, anthropologist, about the recent discovery of a previously unknown human species