Auditing


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Federal bank and thrift regulators issue revised guidance, Interagency Policy Statement on the Internal Audit Function and Its Outsourcing, prohibiting both public companies and depository institutions with $500 million or more in assets from outsourcing internal audit functions to their external auditors. The new requirements ( www.fdic.gov/news/news/press/2003/pr2403.html ), issued by the Federal Deposit Insurance Corp., the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision, reflect auditor independence provisions of the Sarbanes-Oxley Act of 2002. The statement also encourages compliance by nonpublic institutions not subject to federal audit and reporting requirements.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.