Audit & Risk

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Exclusive preview: Audit & Risk September-October

in Features

Across the sectors, numerous scandals and regulators’ reports have recommended that something is done about culture in our organisations. You may agree that internal audit can play a key role in assuring boards whether their people follow the letter of the law and the spirit of the organisation at all times, but how exactly do you put this into action?
Words: Ruth Prickett Illustrations: Toby Morison

Insurance sector faces dearth of qualified internal auditors

in Features

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.

European data protection changes

in News

Internal auditors should be aware of far-reaching changes to data protection laws stemming from new EU legislation, warns PwC.

Countries boost hunt for corrupt business

in News

The success of the US at raising large sums of money from prosecutions under the Foreign Corrupt Practices Act is prompting other countries, including the UK, to look more actively at uncovering potential violators, according to lawyers at Mayer Brown.

Sharp rise in online bill payments

in News

The number of household bills paid online is set to exceed 20 billion this year, according to a new report, but despite a rise in mobile banking, the majority of large payments are completed on PCs and tablets.

Investors reject "boilerplate" disclosures

in News

The FRC has published a report saying that institutional investors want improved disclosure that is specific to the company and provides enough detail for them to understand how the company accounts for its transactions.

New standard will have "massive" effect on banks

in News

The International Accounting Standards Board's final version of IFRS 9 will have significant effects on banks, in particular on the way they account for credit losses, according to KPMG.

Who should be liable for corporate fraud?

in Features

Andrew Katzen, senior partner in the business crime defence team at Hickman and Rose, explains why he believes that creating an offence of failure to prevent fraud is not the answer to the problem of how to deal with corporate liability in fraud cases.

Blog

Culture: can it be audited?

“The key question is how best to gather evidence to show the extent to which values are being lived at every level in recruitment, training, performance management and reward arrangements,” writes Ian Peters, CEO of the IIA.

Policy Blog

Whistleblowing in the public sector

David Lyscom, policy director at the IIA, discusses the findings of the House of Commons Public Accounts Committee report on whistleblowing in the public sector and how these compare with the IIA's recommendations.

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

Difference class

The role of head of audit at the Department for International Development is anything but a desk job. Anthony Garnett CMIIA explains what’s involved and why his team has a unique opportunity to see how their work makes a real difference to people’s lives.
Words: Ruth Prickett
Photographs: Liam Sharp

The IIA: find out more

Visit the main IIA site

Jobs

Internal Auditor

Central London
£28,000 - £40,000 + bens; Ref: MSB/68110/L

Internal Auditor

Job ref: LBH1729
Location: Civic Centre, Uxbridge
Group: Finance
Position Type: Permanent
Contract hours: Full time
Salary (£): Competitive
Closing date for applications: 7th September 2014 (11pm)

Careers advice

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.

Talent: in search of the Holy Grail

“A German colleague at Zurich introduced me to the term ‘Eierlegende Wollmilchsau’ – literally an egg-laying, woolly, milk-producing pig. This is the impossible person we’re all looking for,” says Mike Taylor, head of global internal audit at Experian.

Training & Development

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.

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.

Tools

Are your employees legal?

The penalties for hiring illegal workers just got tougher. Natasha Chell asks what companies need to know about changes to the UK’s prevention of illegal working and civil penalty system.

How to recognise emerging risks

Some emerging risks are like ticking time bombs: they can erupt suddenly and dramatically without warning. In essence, they represent “hidden” risk exposures that could trigger unexpected and embarrassing surprises. Matt Taylor, a director at Protiviti UK, describes why it is key that firms recognise risks before they are too costly to remedy.

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