Internal audit press

Internal auditors are increasingly expected to be more involved in ensuring cybersecurity measures will protect company and customer data. To do this, internal auditors will need to build relationships with other departments, acquire new skills and pay particular attention to controls meant to detect risks that make it past initial preventative controls.

Article discusses how internal audit can help the board see an accurate picture of cyber risk

The article discusses the need for internal audit teams to modernize practices, processes and methodologies to effectively assess risks in today's digital age. To upgrade the risk management capabilities of organizations, advances in digital, cloud, mobile and visualization technologies can help. With a dynamic risk assessment approach, companies can identify changing risks in real time and reprioritize coverage of risk.

Changing risk standards pave the way for organizations to bring their experts together to pursue opportunities and cope with threats. The internal audit department can act as an independent advisor, connecting experts effectively and helping to reduce silo-thinking. The author recommends that internal auditors use a 'value management approach' which focuses on the quality of decision-making within the organization.

The article offers suggestions to boards and audit committees on using internal audit's skills, capabilities and stature in overseeing and assessing corporate culture. Internal audit can help reinforce the importance of clarity regarding the behaviors and values to be encouraged depending on the strategy of the company. There are several options that can be explored by internal audit with the audit committee in developing a culture audit approach.

The article looks at the impact of outsourcing of the internal audit function on the effectiveness of the process or the level of independence and objectivity of the audit. Topics covered include importance of effective internal audit as demonstrated by the failure of Carillion, advantages of outsourcing internal audit such as credibility and cost-effectiveness, potential disadvantages like lack of permanent on-site resource and the pros and cons of in-house internal audit. * For the full article please contact the Library *

The article reports on the study which reveals that financial expertise of audit committee member is important to investors. Topics mentioned include the importance of financial expertise on audit committees in the improvement of audit committee effectiveness in financial monitoring duties, the internal auditing management, and the role of audit committee to financial statements management. Also mentioned are the role of audit committee in decision-making and the financial reports quality.

The article focuses on a study published in the "Auditing: A Journal of Practice & Theory" periodical over relationship between material weaknesses and company fraud.

Article on the key takeaways from KPMG's 2017 Global Audit Committee Pulse Survey.

Audit committees are an important tool for helping boards of trustees improve the quality of internal and independent audits and build confidence in the reliability of financial reports. Melissa Riner takes a look at the various roles audit committees have to play.