When It Comes to Fraud, Internal Auditors Need to Get There Early

Posted on Jun 25, 2013

The Association of Certified Fraud Examiners’ (ACFE’s) 2012 Report to the Nations on Occupational Fraud and Abuse estimates the global cost of internal fraud at US $3.5 trillion, or 5 percent of total revenue. And, as we all know, internal fraud is only part of the picture. 

continue reading...

Five Words to Banish From the Internal Audit Dictionary

Posted on Jun 10, 2013

I recently spoke at a conference where one of the sessions was called “Four Most Dangerous Words in Finance.” It reminded me of a blog I wrote a few years ago called “Ten Things Not to Say in an Audit Report.” In that blog I wrote about types of things not to say. Beyond the categories of phrases or messages that I explored in that blog, however, lie a handful of words that are so useless or polarizing that they should be banished from the internal audit dictionary. 

continue reading...

NASDAQ Hesitates in Its Quest to Mandate Internal Audit

Posted on Jun 3, 2013

As we recently learned, NASDAQ has withdrawn a proposed new rule (PDF) requiring that companies listed on the exchange establish and maintain an internal audit function, citing push-back from issuers and others during the public comment period. Some companies and commenters didn’t see the value of an internal audit function. There weren’t a lot of comments, but there were enough that it was troubling to NASDAQ. 

continue reading...