The global economy is changing at a rapid pace, placing more pressure on the internal audit function, says Mazars' Matt Dalton. As a result, businesses will expect five key deliverables from internal audit next year, including business strategy alignment and the effective use of tools and technology, he says.
About 40% of chief audit executives feel their work has a significant impact on the company, according to a survey by Deloitte PLT. "Particularly in the current environment of ongoing disruption, executive teams and boards benefit from the objectivity, integrity and enterprise-wide, holistic viewpoint that internal audit provides," said Cheryl Khor of Deloitte Malaysia.
Governments should restructure the internal audit function of Ghana's public sector to boost the strength of its role in governmental financial consolidations, said Benjamin Adjetey, director of technical, monitoring and evaluation at the Internal Audit Agency. The IAA's existing structure and law reduces its ability to manage, supervise and regulate public-sector internal auditing, he said.
Whistleblower complaints in India have increased over the past year with 17 Nifty companies reporting that they received 3,508 whistleblower complaints, compared with 3,139 the prior year. Improper workplace conduct and corruption allegations have been the most common complaints.
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A memo circulated to 700 partners at EY called for the UK to adopt a similar rule to those in the US and Japan that require corporate directors to certify the accuracy of financial reports. "The Sarbanes-Oxley reforms in the US, where the management of a public company is required to certify the material accuracy of financial statements, could be adapted to the UK market," wrote Steve Varley, EY's UK chairman.
The EU needs a distinct anti-money-laundering authority that can impose major fines to combat misconduct across the bloc, Belgian think thank Bruegel said in a report. The European Central Bank has expressed dissatisfaction with the EU's meagre anti-money-laundering efforts, the report said.
South Korea's Financial Supervisory Service is briefing accountants and investors on a bill that calls for firms with sales or assets above $44 million to carry out external audits. The law will take effect in November 2019.
An auditor who was a key witness in a Colombian bribery scandal died of poisoning last week, and was reportedly seeking protection from the US at the time. "My father was receiving help from the U.S. because his life was in danger," his daughter said in a text message to Bloomberg.
Internal auditors should maximise the use of digital technology to keep their professional skills relevant, said speakers at the Asian Confederation of Institutes of Internal Auditors Conference. "With technology such as artificial intelligence, robotic process automation and advanced analytics having a direct impact on internal audit, there is an urgent need to address the increasing technology skills gap in the internal audit profession and prepare them for the tech-driven business environment," said IIA Global Chairman Naohiro Mouri.
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