Commentary: Investing in digital is vital for internal audit | Internal audit finds cash thought missing from Liberia's central bank | Investors in Japan cautious about listed companies' subsidiaries
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16 October 2018
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Internal Audit Watch
IIA Nigeria: Companies' survival depends on strong internal auditing
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 Guardian (Nigeria) (21 Sep.) 
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Commentary: Investing in digital is vital for internal audit
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.
Gulf News (United Arab Emirates) (30 Sep.) 
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Internal audit finds cash thought missing from Liberia's central bank
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.
Ozy (12 Oct.) 
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Identify Key Inputs for Integrated Reporting.
A new South African case study released by the Internal Audit Foundation stresses the importance of internal auditors' ability to focus on the whole integrated reporting process and not just on the integrated report itself. Download your FREE copy now.
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Risk Management
Investors in Japan cautious about listed companies' subsidiaries
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 Japan Times/Jiji Press (29 Sep.) 
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Earn and Report Your 2018 CPE/CPD Credits
IIA-certified individuals must report credits earned in 2018 by 31 December. There's still time to earn credits, including required Ethics CPEs. For reporting requirements, pricing information, and more, check with your local affiliate.
Learn more about ways to earn your credits today.
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Regulation & Compliance
Audit reform sought as UK construction sector reels from contractor's collapse
Audit reform sought as UK construction sector reels from contractor's collapse
(Pixabay)
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.
The Guardian (London) (01 Oct.) 
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Malaysia commission proposes caning as a punishment for corruption
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.
The Star (Malaysia)/Bernama (30 Sep.) 
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EU, UK unable to conclude Brexit talks
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.
Politico (15 Oct.),  The Guardian (London) (15 Oct.) 
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Sunny California: An International Vibe All Its Own
Join us as we host The IIA's 2019 International Conference, 7-10 July, in Anaheim, California. Internal auditors from across the world of all levels and sectors will gain new perspectives, insights, and best practices. Register Today!
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Fraud & Ethics
Commentary: UK, Europe can learn from US model of self-reporting
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.
Forbes (27 Sep.) 
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New Release Aligns With New CIA Exam
The revised CIA Exam and IPPF-aligned guide will lay a foundation for continued improvement and advancement as it prepares you to take your career to the next level with the CIA. Pre-Order Today
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Technology
Payment tech advancing in Latin America
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.
Pymnts (27 Sep.) 
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Recognize Your Leadership Excellence
If you are aspiring to be a leader in your organization, seeking a successor, or looking to add credibility to your current leadership role, The IIA's QIAL® program was designed with you in mind.
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IIA News
IIA seeking qualified volunteer leaders
The contributions of IIA volunteers affect the day-to-day functions of internal auditors and help shape the future of the internal audit profession. Whether you are a current volunteer, you are a member who wants to get involved or you want to recommend a candidate, submit your nominations for the 2019-20 leadership year prior to 17 October 2018. Learn more about available opportunities.
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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.
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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.
John Kenneth Galbraith,
economist
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