20 April 2021
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Internal Audit Watch
A memorandum signed by IIA President and CEO Anthony Pugliese and the Vietnamese Ministry of Finance will provide internal auditors in Vietnam with access to IIA standards, guidance, resources, training and global certification programs. "This effort will foster transparency and effectiveness in corporate governance," Pugliese says.
Full Story: Accounting Today (free registration) (13 Apr.) 
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Internal auditors should expect remote work to remain in play after the pandemic and "set up the remote audit process and the related tools as thoroughly as possible with long-term success in mind", Harold Silverman, managing director of professional practices at The IIA, said during a webinar hosted by The IIA Qatar. Silverman urges professional and well-planned videoconferences, noting "the context and nonverbal cues, including posture, still matter".
Full Story: The Peninsula (Qatar) (19 Apr.) 
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When the World Pivots, How Do You Harness the Momentum?
Did your internal audit (IA) function play an important role in the organization throughout the pandemic, helping identify and assess a growing set of new risks? Many functions pivoted and did just that, while many could not. How your IA function performed can be telling. Learn more.
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Risk Management
Ugandan official warns against ignoring risk management
(Pixabay)
Failing to include risk management in corporate governance "can signal a lax attitude" that might be exploited by certain employees, writes David Muwanga of the Uganda Investment Authority. "Effective risk management means attempting to control, as much as possible, future outcomes by acting proactively rather than reactively," Muwanga writes.
Full Story: Daily Monitor (Uganda) (13 Apr.) 
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Adjusting Audit Scope for Pandemic and Beyond
Businesses around the globe and operations across functions have had to rapidly adapt to unprecedented times. How are audit teams providing assurance and how is the business satisfying legislative and regulatory compliance? Explore the challenges internal audit teams face in completing audit engagements remotely.
Watch the webinar now.
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Regulation & Compliance
The UK Financial Conduct Authority has increased the number of firms that must submit financial-crime reports under anti-money-laundering rules to 7,000 from 2,500. The revised list includes "all cryptoasset exchange providers and custodian wallet providers", according to the FCA.
Full Story: CoinDesk (UK) (31 Mar.),  Forbes (tiered subscription model) (31 Mar.) 
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Sixteen nations have been added to Ireland's lengthy list of countries requiring hotel quarantine for travellers. The European Commission wants Ireland to consider less stringent restrictions and wants to know why fellow EU members Austria, Belgium, France, Italy and Luxembourg are on the list.
Full Story: BBC (free registration) (09 Apr.),  Reuters (09 Apr.),  Deutsche Welle (Germany)/Agence France-Presse/The Associated Press/Deutsche Presse-Agentur/Reuters (16 Apr.),  Reuters (16 Apr.) 
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An Internal Auditor's Guide to Auditing Blockchain Environments
With blockchain as the next step in many organizations' digital evolution, internal audit will play a pivotal role in anticipating and evaluating the risks associated with the technology. This guide prepares internal auditors to better understand these risks and develop real-time monitoring processes for blockchain-based systems. Learn more.
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Fraud & Ethics
Danish authorities have charged six individuals, three from the US and three from the UK, with defrauding tax authorities in connection with a yearslong investigation into a $2.1 billion scandal involving so-called cum-ex trades. Prosecutors say those charged are "central principals behind the fraud, which was committed by means of help from the German North Channel Bank".
Full Story: Bloomberg (13 Apr.),  BBC (free registration) (13 Apr.) 
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Grant Thornton, the administrator of collapsed Greensill Capital, has been told by companies with invoices underpinning loans to UK metals magnate Sanjeev Gupta that they have never done business with him. German financial regulator BaFin, which faces a criminal investigation regarding the collapse of payment processor Wirecard, started receiving whistleblower tips alleging fraud at Greensill Bank in the second quarter of 2020, an internal government report states.
Full Story: The New York Times (12 Apr.),  The Wall Street Journal (31 Mar.),  Financial Times (subscription required) (01 Apr.),  Bloomberg (12 Apr.) 
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Modernize Your Audit Processes
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Technology
Report: N Korea-backed hackers pose as security pros
(Pixabay)
Hackers reportedly supported by North Korea are posing as cybersecurity professionals from SecuriElite, a bogus Turkey-based security firm, to launch attacks on security researchers. The report by Google's Threat Analysis Group says hackers have built a branded website and fresh social media accounts to support the scheme.
Full Story: ZDNet (01 Apr.) 
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Digital Rights Ireland is pursuing "mass action" litigation over a 2019 Facebook data breach involving data on more than 500 million users. The lawsuit seeks compensation under the EU General Data Protection Regulation.
Full Story: TechCrunch (tiered subscription model) (16 Apr.) 
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The UK Financial Conduct Authority is scrutinising use of unauthorised messaging systems, such as Signal, Telegram and WhatsApp, among firms. Use of such apps has grown since widespread remote work began, but the FCA regards their use as suspicious.
Full Story: Financial News (UK) (tiered subscription model) (29 Mar.) 
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Seeking Tomorrow's Leaders Today
Do you know a high performer who possesses the qualities to become a thought leader in the industry? Internal Auditor magazine will recognize up-and-coming internal audit professionals in its October issue showcase feature. Nominate someone deserving by May 14.
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IIA News
Exclusive presentation for IIA Global members: Advancing the Profession
Anthony Pugliese, The IIA's new President and CEO, is passionate about new technologies, diversity and inclusion, and collaboration. Discover his vision for The IIA and how we can all work together to advance the mission of our organization and profession with one of these opportunities -- 8 a.m. Eastern on Tuesday, 4 May, or 7 p.m. Eastern on Thursday, 6 May. Register now.
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May is International Internal Audit Awareness Month
Did you know The IIA has resources for internal auditors to educate stakeholders on the value internal audit brings to the organisation? It's true, and all for you to use as you choose. Access our Building Awareness toolkit, plus enjoy other advocacy items, like position papers and thought leadership. Shout it out and share your success stories.
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LEARN MORE ABOUT IIA:
COVID-19 Resource Exchange
Read, every day, something no one else is reading. Think, every day, something no one else is thinking.
Christopher Morley,
writer, editor, journalist
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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
E-mail: CustomerRelations@theiia.org
Phone: +1-407-937-1111
Fax: +1-407-937-1101

About The IIA
www.globaliia.org

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