Audit & Risk

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Exclusive preview: Audit & Risk January/February

in Features

In a hazardous world, some organisations have to assure their resilience for the country’s sake as well as their own. So how should organisations protect themselves against the threats that transcend self-interest and become of national importance? And what should internal auditors be doing to help guard against the worst that can happen?
Words: Wilma Tulloch

ECIIA and FERMA publish new guidance

in News

The European Confederation of Institutes of Internal Auditing and Federation of European Risk Management Associations have produced joint guidance advising practitioners on how best to deal with new EU requirements on financial and non-financial transparency.

UK CEOs undergo fewer checks than recent graduates

in News

New research shows that most firms do more checks when hiring new graduates than they do when hiring senior executives, despite the potential reputational risks this creates. More than a quarter of those questioned said they have hired people they would not have hired had they done the correct due diligence.

FRC highlights poor quality reporting

in News

The Financial Reporting Council's annual review of corporate reporting reveals that it approached 37 per cent of the companies whose reports it reviewed for further information or explanations. Most of these were smaller organisations that will be targeted under the FRC's project for promoting clear and concise reports.

Risk professionals work longer hours

in News

The number of risk professionals who say they regularly work more than 50 hours a week is increasingly. However they expect to be well paid for it, according to a new survey by Robert Walters.

Employees vote London best place to work

in News

More people around the world would like to work in London than in any other city, according to a recent global survey. The UK as a whole was the second-most popular destination after the US.

EU adopts directive on disclosing non-financial information

in News

The EU General Affairs Council has adopted a directive for the disclosure of non-financial information that will require around 6,000 large listed companies in the EU to disclose their environmental and social impacts as part of their mainstream financial reporting. The move has been welcomed by environmental campaigning groups.

UK institutes target poor project management

in News

The Institution of Civil Engineers and the Institute and Faculty of Actuaries have published a revised third edition of Risk Analysis and Management for Projects (RAMP). They argue that British industry could significantly improve the outcomes of major projects if managers used proven risk management methods.

NAO consults on code for local public audit

in News

The National Audit Office is calling for responses to a consultation on a new code of practice for auditing local public bodies and NHS trusts. The new code is expected to come into force from April 2015.

FRC issues updated Corporate Governance Code

in News

A new viability statement and assurances about the long-term aims of executive remuneration packages are two of the changes that the FRC has introduced to the UK Corporate Governance Code. The changes will come into effect from 1 October.

New Zealand honours auditors who served in WWI

in Features

Five of the 32 young auditors who enlisted to fight in the first world war while working for New Zealand's Controller and Auditor-General died fighting. The department has now published a book recording the names and, where possible, brief accounts of the lives of these men, providing a fascinating historical record.

Blog

Conference success: indicator of progress

“Growth in membership, and the conference’s success, reflect a growing expectation that internal auditors have a key role to play in shaping the long-term success and accountability of organisations,” writes Ian Peters, CEO of the IIA.

Policy Blog

Don’t ignore the culture challenge

David Lyscom, policy director at the IIA, urges internal auditors to stop being afraid of auditing culture and suggests ways to start engaging with the key issues.

Opinion

One-man band: sharing is vital

“Working with no staff has a number of advantages and disadvantages. It means that you have hands-on experience of, potentially, every aspect of the organisation you work for,” says John Collier PIIA, head of audit and risk management, the Economist Group.

Profile

Learning curve

They say that true job satisfaction comes from achievable goals. Julian Wynter explains why he hopes that a new IIA accreditation programme will help the internal audit team at Standard Chartered Bank achieve its aspirations.
Words: Ruth Prickett Photographs: Peter Searle

The IIA: find out more

Visit the main IIA site

Jobs

Careers advice

Chartered by Experience

There is a new route to becoming a chartered internal auditor: Chartered by Experience.

Room to grow

If you feel stuck in your role or sector, yet are keen to progress in an internal auditing career, what are your options? You could become a non-executive director or contribute your experience to higher education, suggests Ann Brook CFIIA.

Time to volunteer

Rachel Bowden, chair of the IIA’s Guidance Working Group, explains why she started volunteering and what she has gained from the experience.

Training & Development

Speaker’s corner

Sara I James reveals the inspirational line-up for the Irish and Scottish conferences.

Insurance sector faces dearth of qualified internal auditors

PKF Littlejohn recently published findings from a survey to identify the challenges faced by HIAs in the London insurance market in implementing the IIA’s guidance "Effective Internal Audit in the Financial Services Sector". The researchers expected to find that the skills needed to audit the new Solvency II regulatory regime, and areas such as actuarial and IT, would be highlighted, but they were surprised to discover wider concerns about an overall lack of resources and talent.

Top students win prizes

The IIA awards two prizes annually to the students who have passed their exams first time with the highest aggregate marks. The 2013 awards went to Catherine Mills, who won the Charles Duly prize for her performance in the IIA Diploma exams, and Joanne Clewes, who won the Peter Hook prize for her results in the IIA Advanced Diploma exams.

Tools

You asked us

Our technical helpline provides valuable advice to members on a host of professional issues. Here are some of the questions you’ve submitted recently.

Speaker’s corner

Sara I James reveals the inspirational line-up for the Irish and Scottish conferences.