Explaining Internal Audit to the Board and Executives

Posted on Jul 31, 2013

The U.K. Treasury department has published a new Internal audit customer handbook (PDF) that is interesting reading. 

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How Can the Role of the Audit Committee Enhance External Audit Quality?

Posted on Jul 27, 2013

This was the title of a paper issued by the Chartered Accountants of Canada. I give them a lot of credit for this paper as it provides valuable advice and is not a "puff piece" for the external audit firms. 

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Should Internal Audit Be Responsible for Detecting Fraud?

Posted on Jul 20, 2013

Internal auditors love fraud: detecting it and investigating it. The majority of boards and top management expect internal auditors to dedicate a fair portion of their time to auditing for fraud and performing investigations as needed. 

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Explaining Modern Risk-based Auditing

Posted on Jul 14, 2013

The other day, I was talking to an internal audit leader for whom I have great regard. I was stunned to hear him say that you do two risk assessments: one when you develop the audit plan to identify the processes, locations, and business units to audit, and a second one when you start each audit so you can identify the risks to assess in each area. 

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KPMG Warns That Expectations of Risk Management Are Outpacing Capabilities

Posted on Jul 8, 2013

The warnings in KPMG’s latest report, subtitled “Top Eight Risk Management Imperatives for the C-Suite in 2013,” are important.

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A Practical Approach to Adopting the New COSO Framework for Your Sarbanes-Oxley Program

Posted on Jul 2, 2013

I have been spending a good amount of time thinking about how a company’s Sarbanes-Oxley program should be affected by the updated COSO internal control framework. I have been fortunate to be able to bounce ideas off a few individuals for whom I have great respect and who were involved in the COSO update project. 

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