All articles by Tammy Whitehouse – Page 39
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Blog
Internal audit intelligence calls for elevated service levels
Image: At a recent Institute of Internal Auditors conference, audit executives heard the early returns from the annual IIA Common Body of Knowledge study that suggest North American audit stakeholders would welcome more help in identifying strategic risks. Brian Christensen, executive vice president at consulting firm Protiviti, which assisted with ...
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Blog
Audit regulators globally call on big firms for faster improvement
Audit regulators globally say they aren’t satisfied with inspection results the past few years and are working with the six largest global audit networks—Deloitte, EY, KPMG, PwC, BDO, and Grant Thornton—to step up the pace of improvement. The International Forum of Independent Audit Regulators, a global association of audit regulators ...
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Article
Accounting standards update brings lease contracts under the spotlight
Image: After years of reports that entities would one day be required to reflect all of their lease obligations on the balance sheet, companies finally have a major new accounting standard to adopt that will bring all but the tiniest assets and liabilities arising from lease contracts onto corporate balance ...
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Blog
IIA offers advice on talent management in new report
Image: The Institute of Internal Auditors has issued a white paper to motivate staff auditors to tackle heightened expectations from audit stakeholders. It provides five strategies for performance management tailored to internal audit and promises to help CAEs set goals, retain talent, equip employees, assess performance, and respond to success. ...
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Blog
Third-party risk is "next frontier" in cyber war, Home Depot IA leader says
Third-party risk represents the “next frontier” in the ongoing cyber war, says Kelly Barrett vice president of internal audit and corporate compliance at Home Depot, where she navigated a cyber breach like it was “a blow to the head” and now tells the story of how the entity faced the ...
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Blog
PwC taps U.S. leader as global chair
Image: PwC U.S. Chairman Robert Mortiz has been elected to serve a four-year term for the global network of PwC firms beginning July 1. PricewaterhouseCoopers International Network has selected Moritz, a career auditor, to replace Dennis Nally, who will retire in June after two terms as the global chairman. Mortiz ...
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BlogSEC advises caution on revenue recognition policies
While international regulators have finished up with revenue recognition, the SEC continues to advise companies to scrutinize U.S. regulators’ impending work on the standard. FASB has scheduled three meetings for the Transition Resource Group, which will be airing and discussing any implementation questions it has received. According to Deputy Chief ...
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Blog
Cyber-security storms internal audit plans, poll finds
A new survey from Protiviti of 1,300 internal audit professionals shows that companies have made big progress in the past year integrating cyber-security risk into internal audit plans. Nearly three out of every four organizations include cyber-security risk in their internal audit plans, according to the poll, up from only ...
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Blog
SEC seeks comment on rule requiring naming engagement partners
The SEC is gathering comment on recent PCAOB rules that require audit firms to complete a new filing providing the name of engagement partners on public company audit engagements. PCAOB rules are subject to SEC approval before they can become final, which is why the Commission wants to hear remarks ...
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Q&A: Coping with the speed of change within internal audit
Image: As the world of internal audit is swiftly changing, Doug Anderson, former corporate auditor for Dow Chemical and new managing director for CAE solutions for the Institute of Internal Auditors, speaks to the challenges of helping to drive internal audit to be more forward-looking, how to properly harness the ...
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Article
How internal audit can help drive corporate culture
Traditional notions of audit are focused on verifying quantified data, but can audit provide that same benefit in the ether space of business, verifying the presence or absence of intangible characteristics? The internal audit profession is starting to believe it is possible, and its leaders are calling on audit executives ...
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Blog
Surveys, papers provide plenty of advice for internal auditors
Image: In a survey from KPMG and Forbes of more than 400 CFOs and audit committee members nearly 60 percent said they would welcome help in assessing risks and risk-managing practices, but only 22 percent said they get that from internal audit; 36 percent said they would like to see ...
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BlogFASB publishes final lease accounting standard
Image: Marking another milestone in accounting history, the Financial Accounting Standards Board has published its final standard requiring all companies that lease any kind of asset—from real estate to heavy equipment to office copiers—to recognize leased property as an asset they have a right to use and a liability that ...
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Blog
COSO ERM update will seek to elevate risk discussions
Image: When COSO unveils the draft update to its Enterprise Risk Management framework (possibly by late April), it will propose companies take risk considerations to the highest level in an entity’s strategy-setting and decision-making processes. The framework update exercise is expected to advance the idea, says COSO Chairman Robert Hirth, ...
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Article
Audit committees discuss the growing demand for disclosure
Image: With proxy season just around the corner, audit committees are discussing how to answer growing demand for more disclosure—and whether the demand for more information is really a demand for more robust oversight of auditors. “There is clearly an increase in at least the dialogue that audit committees are ...
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Blog
Lawyers see varied approaches to related-party rule
Image: Attorneys at law firm Dorsey observing compliance with the new audit standard on related-party transactions say they are seeing some companies being asked to make no changes to their controls and procedures while others face new audit demands to expand their questionnaires to directors and officers. “The required changes ...
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Blog
FASB, SEC offer new insights on XBRL
The Financial Accounting Standards Board has made some changes to the Development Taxonomy for any early adopters of FASB’s new standard on the recognition and measurement of financial instruments, adding elements that companies can use in submitting their financial statements in XBRL. The newest guide is the latest in a ...
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Article
Financial world braces for expected credit loss rule
A pending new requirement for how banks should write down the value of troubled loans is providing a ringside seat for those in capital markets who want to understand how or why accounting and auditing are becoming more difficult by the day. FASB met with the Independent Community Bankers of ...
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Blog
Pressure builds on FASB as it finalizes lease standard
As the Financial Accounting Standards Board dries the ink on its pending new lease accounting standard that will bring lease assets and liabilities on to corporate balance sheets, more than a dozen trade and professional groups are making an eleventh-hour appeal for FASB to exempt private companies. The groups, which ...
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Blog
IIA calls for bold moves in latest "Pulse" report
Internal audit leaders are becoming alarmed with their latest survey results that suggest the internal audit profession is not moving as nimbly as they’d like to address emerging business risks. A report from the Institute of Internal Auditors says 89 percent of organizations polled see prevention and education as the ...