Audit & Risk

Global review

Top audit and risk stories from around the world.

in News.

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PAKISTAN

Billing system collapses: audit shows corruption, inefficiency in Lesco

Dawn, 8 June

The billing system of the Lahore Electric Supply Company (Lesco) seems to have collapsed, along with the electricity supply system, under corruption and inefficiency, according to an internal audit report of the company.
bit.ly/L0GMnp


CAYMAN ISLANDS

Auditors find risk of fuel fraud still exists

CayCompass, 5 June

Cayman Islands public agencies have cut down on fuel costs and reduced the number of gas cards issued to employees since a 2010 audit report found widespread potential for abuse within the system used to provide petrol for government vehicles.
bit.ly/KtAkYd


IRELAND

Audit urges checks on centenarian payments

The Irish Times, 4 June

An internal audit of the Office of the President has recommended stronger checks on payments made to people on their 100th birthday following a surge in the numbers entitled to the €2,540 allowance.
bit.ly/LfDLik


AUSTRALIA

Grants blighted by waste, lack of checks

The Australian, 26 May

Thousands of individual grants – running at more than AUS$800 a month and for amounts as little as AUS$300 each – are being doled out every year by one federal department, raising concerns among economists that millions of dollars are being wasted on inefficient and marginal programmes.
bit.ly/MrNPoR


US

Audit of social services calls for tighter internal controls after $300,000 theft

The Seattle Times, 15 May

The state auditor’s office has completed an investigation into the Department of Social and Health Services after an employee of the agency embezzled $304,755 from a long-term care facility for disabled people.
bit.ly/J7i30W

The IIA: find out more

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Careers advice

Moving up

Two former heads of internal audit explain what the role taught them and how it helped to prepare them for a seat on the board.

Every secondment counts

If you are offered a temporary work placement with another employer – perhaps even in a different function from internal audit – you’d be well advised to jump at the chance. So says Chris Monk, whose organisation, Uniac, and its staff have long reaped the benefits of secondments.

The inbetweeners

Historically a stopgap for internal auditors searching for a more permanent role, interim management is now more likely to be the consequence of a positive and actively chosen career path. Why has it become such a growth area? Barclay Simpson's Andy Whyte explains.

Training & Development

Challenging conversations are habit-forming

“Any challenging conversation needs to be handled with care because people need to be handled with care. Forget this at your peril,” says Adrian Thompson, chief internal auditor, Norfolk County Council.

Q&A

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

Erratum: Audit & Risk

In the November/December 2012 edition of Audit & Risk magazine, an error appeared in the listings of the IIA members who were successful in the June 2012 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.

A world of knowledge

The IIA is always working to produce guidance aimed at helping internal auditors to stay at the cutting edge of best practice. Pauline Scott, technical coordinator, reports on the technical team’s recent work to support members.

EQA FAQs

The institute’s technical manager, Chris Baker CMIIA, explains the value of an external quality assessment, what happens during the review process – and how best to prepare for one.