20 July 2021
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Internal Audit Watch
The UK has completed a consultation on a plan to introduce a version of the US Sarbanes-Oxley Act. The government also wants to form a professional body for corporate auditors, a proposal the Chartered Institute of Internal Auditors says "could have unintended consequences for the internal audit profession by duplicating the remit and responsibilities of internal audit".
Full Story: Information Age (13 Jul.),  Accountancy Age (London) (tiered subscription model) (13 Jul.),  Accountancy Age (London) (tiered subscription model) (28 Jun.) 
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The IIA Australia has issued a guide on auditing risk culture to counter a burgeoning risk-management industry that "has become a very big source of fees for consultants" but has not "done a good job in coming up with a valuable and robust model", says guide co-author Elizabeth Sheedy, a professor at Macquarie University. The guide offers a 10-step, peer-reviewed model created by the university.
Full Story: The Australian Financial Review (04 Jul.) 
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Call for IIA International Conference Speakers
If you're the type of change agent we seek, we invite you to speak at the 2022 International Conference, 17-20 July, themed "Winds of Change. Waves of Impact." Submit your proposal!
Risk Management
Regulators worldwide need to work together to deal with financial risk from climate change, says Randal Quarles, chair of the Financial Stability Board and vice chair for supervision at the Federal Reserve. "Globally consistent, comparable and reliable disclosures, as well as a broader set of high-quality, relevant data, together can provide the basis to assess climate-related financial risks and the impact on financial stability," Quarles says.
Full Story: Reuters (11 Jul.) 
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Fill Skill Gaps With Competency
The IIA's Internal Audit Competency Framework provides clear and concise professional development pathways, tools, and techniques that evolve with current risk environment and career level. Audit leaders and CAEs can use it as an onboarding resource and multi-year training plan to fill skill gaps. We've mapped it out. You can make it work.
Regulation & Compliance
The International Organisation of Securities Commissions has called for establishment of rules to remedy shortcomings in information on climate change provided to investors. IOSCO says it will consider endorsing disclosure rules to be written by mid-2022 by the International Sustainability Standards Board, created by the International Financial Reporting Standards Foundation.
Full Story: Reuters (28 Jun.),  ESG Investor (28 Jun.) 
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Governance standards in Japan are "closing the gap with Europe and US equity markets", says Archibald Ciganer, a portfolio manager at T. Rowe Price Group. Some areas of concern remain, including the number of women on boards and in management positions, as well as the bloated size of some boards.
Full Story: Pensions & Investments (free access for SmartBrief readers) (28 Jun.) 
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The UK's proposed corporate governance change could leave directors personally liable for corporate behaviour, writes Sarah Thomas of Addleshaw Goddard. Directors could be "fined or even temporarily disqualified for actions taken far below them in the chain of command", Thomas notes.
Full Story: City A.M. (London) (28 Jun.) 
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Get Prepped and Certified by the Leader
The IIA's CIA Learning System is an interactive review program, combining reading materials and online study tools to teach and reinforce all three parts of the entire global CIA exam. It is continuously updated to align with the latest industry standards, including the IPPF and International Standards for the Professional Practice of Internal Auditing. Learn more.
Fraud & Ethics
The European Commission plans to propose this month formation of an agency with direct authority to fight money laundering, according to a draft document. The move is aimed at rectifying a patchwork of enforcement initiatives.
Full Story: Financial Times (subscription required) (07 Jul.),  PYMNTS (07 Jul.) 
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Canada has seen an increase in securities misconduct, with regulators initiating more enforcement actions against companies or individuals related to allegations of insider trading and other issues during the fiscal year ending on 31 March. There were 461 whistleblower tips, up from 291 during the previous period, according to a Canadian Securities Administrators report.
Full Story: Reuters (22 Jun.) 
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Broaden Your View & Save
Earning the CRMA after your CIA broadens your holistic view of the organization's strategies and business objectives. It also proves you are an experienced, credible professional and showcases your ability to enhance governance, risk management, and control processes. Apply for free through 31 December 2021.
China has begun a data-security review of apps managed by two Chinese companies listed in the US. One day after banning the app of ride-sharing company Didi Chuxing, the Cyberspace Administration of China says it is investigating apps from Full Truck Alliance and Kanzhun.
Full Story: The Wall Street Journal (06 Jul.),  CNN (05 Jul.),  Reuters (05 Jul.),  Financial Times (subscription required) (06 Jul.) 
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Hackers speaking a Chinese dialect infiltrated Afghanistan's national security apparatus as far back as 2014 to conduct espionage, cybersecurity company Check Point reports. Lotem Finkelstein of Check Point says Dropbox was used to hide the hackers, "a technique that I believe we should all be aware of and that we should all watch out for".
Full Story: The Washington Times (01 Jul.) 
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A Game Changer Resource Released
Within the pages of Agents of Change - Internal Auditors in an Era of Disruption, renowned leaders outline the essential characteristics and behaviors needed by today's internal auditors to rule every stage of their career. Order your copy today.
IIA News
Benefits and skills needed for remote auditing
This new Global Perspectives and Insights report outlines the benefits of remote auditing, as well as the abilities auditors will need to successfully do their jobs in the post-pandemic environment. The top essential aptitudes include emotional intelligence, communications skills, business acumen, flexibility, agility, and imagination and curiosity. Download "Remote Auditing" today.
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New Guidance: Auditing Identity and Access Management (IAM)
Identity and access management is intertwined with every organization's IT governance, application controls and general controls. This new Global Technology Audit Guide covers IAM fundamentals to help internal auditors provide assurance that controls for managing access to IT resources are well-designed and effectively implemented. Get The IIA's latest guidance now.
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COVID-19 Resource Exchange
The free, exploring mind of the individual human is the most valuable thing in the world.
John Steinbeck,
writer, winner of the Nobel Prize in Literature
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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

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