Vietnam's state-owned companies to undergo internal audits | Saudi Arabia, Panama on European Commission's "dirty money" blacklist | South African pension fund's internal audit chief testifies
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19 February 2019
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Internal Audit Watch
South Africa's proposed public-sector lifestyle audits spark concerns
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?"
Business Day (South Africa) (05 Feb.) 
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Vietnam's state-owned companies to undergo internal audits
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.
VietNamNet Bridge (28 Jan.) 
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The New CIA Exam is Here.
Updated, aligned, and focused - the new Certified Internal Auditor® (CIA®) exam has arrived. CIA proves you are a credible internal audit professional and the new, balanced, clear, and uniform exam parts will get you there.
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Risk Management
Saudi Arabia, Panama on European Commission's "dirty money" blacklist
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.
Reuters (14 Feb.) 
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Leadership Panel Discussion at 2019 International Conference
Join this insightful discussion with some of the most respected leaders in internal audit today. Mrs. Theresa Grafenstine, Managing Director, Deloitte & Touche, LLP, Kiko Harvey, Inspector General, United Nations World Food Program, Jenitha John, CAE, FirstRand Bank and Mary McNiff, CAE of Citigroup. Register Today!
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Regulation & Compliance
South African pension fund's internal audit chief testifies
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.
Moneyweb.co.za (South Africa) (24 Jan.) 
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Approaches to Upskilling for Internal Auditors
Changing demands on internal audit require new skills, and developing the talent on hand can provide an effective, efficient, and economical answer. Learn how.
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Fraud & Ethics
Opinion: Auditing a company's culture can deliver value
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.
Gulf News (United Arab Emirates) (17 Feb.) 
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Embraer CFO subject of inquiry over Boeing joint venture
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.
Reuters (11 Feb.) 
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Resigning Canadian minister allegedly faced pressure to intervene in case
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.
BBC (13 Feb.) 
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The Gold Standard Has Been Restructured & Released
Sawyer's 7th Edition is structured to help internal auditors of all levels and sectors think critically about changes in the environment and business landscape, as well as the evolution of products and services that internal audit needs to develop and then deliver. Order your universally recognized, must-have resource today so you can stay up to date, not up at night.
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Technology
Commentary: Australian banks risk disruption from technology
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.
The Australian Financial Review (free content) (28 Jan.) 
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Auditing Insider Threat Programs
The IIA's latest Global Technology Audit Guide helps internal auditors understand insider threats and related risks by providing an overview of common dangers, main terms, key risks, and potential impacts. Download the guide now.
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IIA News
Trials and transformation
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.
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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.
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I don't listen to what art critics say. I don't know anybody who needs a critic to find out what art is.
Jean-Michel Basquiat,
artist
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