Poor internal auditing poses a major risk that could cause companies to collapse in Nigeria, IIA Nigeria said ahead of its annual conference. "It is no more a question of whether there will be a disruption; rather, it is either you are disrupting others or you are already being disrupted," said IIA Nigeria CEO Humphrey Okorie.
The internal audit function must embrace digital transformation not only to guide organisations as they shift to new technologies but also to remain relevant in the process, writes Bhuvana Krishnamoorthy of EY. Investment in innovation and automation is crucial for freeing internal audit to build on its role as a "trusted and valued" adviser within an organisation, Krishnamoorthy writes.
The Central Bank of Liberia reported previously that it had lost about 16 billion Liberian dollars that were printed abroad, but recently said an internal audit found that the notes had been in the bank's vaults. One media outlet said the later announcement "smells a bit fishy" because the central bank and its employees are under investigation.
Institutional investors are taking a close look at whether subsidiaries of companies listed on Japanese stock exchanges are actually independent from their corporate parents. The reason is that dual listings of parents and subsidiaries typically are out of alignment with sound corporate governance.
The British government has called for auditing reform in the wake of the collapse of one of the country's largest construction firms. The firm's collapse has led to a 20% increase in insolvencies in the industry.
People convicted on charges of corruption could face caning under a proposal by the Malaysian Anti-Corruption Commission. Caning would serve as a more effective deterrent than jail sentences, which are often negotiated down, said Chief Commissioner Datuk Seri Mohd Shukri Abdull.
Negotiators for the EU and the UK could not finalise the terms of a Brexit deal over the weekend, and diplomats said politicians from both sides will have to intervene in the talks, which have been largely technical until now. The biggest obstacle is finding a way to avoid creating a hard border between Ireland and Northern Ireland.
Cases such as the collapse of Carillion, which went under because of problematic accounting practices around revenue flows, are bringing the UK and Europe closer to the US model of self-reporting internal malfeasance to the government, writes Rosemary Fanelli, chief regulatory strategist at Duff & Phelps. Proactive good governance and strong internal controls, however, are more important in mitigating risks associated with self-reporting, Fanelli writes.
Several advancements around digital payments and commerce are occurring in Latin America with the introduction of locally developed apps and systems in addition to those created by multinational companies.
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New research report: Align with organisational strategy for success
A new Internal Audit Foundation report reveals three main findings: The business environment is quickly going digital; to align, internal audit has to be dynamic; and various strategic profiles affect internal audit activities differently. Get practical guidelines for alignment. Access this complimentary download.
One of the best ways of avoiding necessary and even urgent tasks is to seem to be busily employed on things that are already done.