Find out how internal auditors can maintain their objectivity in the face of pressure to omit or modify an important audit finding.
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TOPICS / MANAGEMENT ACCOUNTING
Enterprise risk management
Staying focused at the top
Olivia Kirtley, CPA, CGMA, an accomplished corporate director with almost 20 years of experience serving on boards, talks about strategic, risk, and compliance issues that keep board members up at night.
Monitoring fraud risks in the supply chain
Mark Pearson, who works in supply chain forensics for Deloitte, explains how companies can probe one of the top risks—third-party expense categories—and avoid overpaying.
“Pervasive” pressure challenges internal audit’s objectivity
Fifty-five percent of North American chief audit executives have been asked at least once to omit or modify an important audit finding, according to new research.
Internal audit may need a makeover
As businesses transform in response to market shifts, internal audit functions may need to provide more value-added services and proactive advice to management in the coming years.
Ethics, reputation, and compliance gain as corporate priorities
Businesses are placing increasing emphasis on ethics and compliance, and the area is set to gain further importance in the near future.
Some ERM practices going stagnant, survey indicates
Senior finance executives say their organizations are often not in alignment about the need for structured enterprise risk management, a survey on behalf of the AICPA shows.
Regulation remains top risk for 2015
Some familiar risks are top-of-mind for executives and board members, and new concerns are emerging as well, according to survey results released Monday.
COSO: Internal control a challenge with outsourced providers
Here’s how companies with outsourced service providers can meet the requirements of the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Becoming a strategic risk adviser
Accountants can leverage the training and experience they have in managing compliance risks to become strategic risk advisers for their organizations.
Audit committee members need more time, expertise to deal with risky environment, survey says
Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.
How to manage risks connected with the “internet of things”
Although web-connected products and the “internet of things” provide opportunities for transformative growth, they also may carry substantial risks.
7 risk areas for the 2014 audit cycle
Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.
Not-for-profits delve into risk management
Six factors are critical for organizations in implementing and maintaining ERM.
COSO’s ERM framework to undergo update
A well-known framework for risk management is scheduled for another update. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Tuesday that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004. Organizations use the framework to help them manage uncertainty, consider
Board members keenly focused on risk
Corporate board members of U.S. public companies are keenly focused on risk, but many are not comfortable with their understanding of which risks the companies are willing to take, according to new PwC survey results released Tuesday. In the interest of reducing fraud risk, an increasing percentage of board members
COSO transition getting a close look from auditors
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been
Proposed new guidance outlines 12 principles for internal auditing
Proposed changes to guidance followed by internal auditors include a new mission statement and a set of 12 core principles that highlight what effective internal auditing looks like in practice. The Institute of Internal Auditors (IIA) on Monday announced the proposed changes to the International Professional Practices Framework, which is
Technology plays a role in board members’ top two concerns
In a business environment where a damaging Twitter post can have disastrous effects on a company’s financials, reputational risk remains the top nonfinancial concern for corporate directors, according to a new survey report. Another risk rooted in technology—cybersecurity and information technology risk—is rising quickly among directors’ concerns, according to the
Six ways not-for-profits can get value from risk management
Many not-for-profits lack the resources to implement a holistic approach to risk across the enterprise. So it’s no surprise that they often lag behind public companies in implementing enterprise risk management (ERM). Indeed, just 13% of not-for-profits responding to a recently released survey said they have complete formal enterprise-wide risk
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