Audit & Risk

Global review

Top audit and risk stories from around the world.

in News.

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INDIA

Punjab to start internal audit of government spending

Hindustan Times

Punjab’s government has decided to conduct an internal audit of expenditure made by various departments, boards, corporations, local bodies and other agencies using government money in an effort to increase efficiency, accountability and transparency.
bit.ly/UeJs1o

AUSTRALIA

Reserve Bank governor was boss of banknote auditor

The Age

Reserve Bank governor Glenn Stevens was the direct boss of the chief auditor who reported on banknote companies during the time they are accused of bribing foreign officials, a court has heard. Eight former executives of Reserve Bank subsidiary companies face committal in the Melbourne Magistrates Court, where they are charged with false accounting or conspiracy to bribe over banknote deals in Asia between 1999 and 2006.
bit.ly/QVwXWO

SOUTH KOREA

Samsung’s child labour headache

Financial Times
Samsung Electronics has rejected allegations that a Chinese supplier used child labour after conducting an internal inquiry. In August Samsung conducted an audit of HEG Electronics, a contract manufacturer of mobile phones and DVD players, in response to a report by China Labor Watch, a US-based non-governmental organisation, that HEG was employing children at its factory in Huizhou, southern China.
http://on.ft.com/Ux1Anu

SAUDI ARABIA

Saudi regulator fines five companies for disclosure violations

Bloomberg

Saudi Arabia’s market regulator issued 300,000 riyals ($80,000) in fines against five companies that were in breach of corporate disclosure regulations in the Arab world’s biggest economy. Mediterranean & Gulf Insurance & Reinsurance, Riyad Bank, Saudi Steel Pipe and Tabuk Cement were each fined 50,000 riyals for the violation of corporate governance regulations. Saudi Indian Company for Co-operative Insurance was fined 100,000 riyals.
http://bloom.bg/SaQgSq

The IIA: find out more

Visit the main IIA site

Jobs

Head of Internal Audit

Based in either Croydon or Sittingbourne.
Salary c£60,000 per annum plus benefits, inc. car allowance.

Senior Auditor

Yorkshire
£35,000-44,000 + bens. Sector: Financial Services. Ref: DJ/32540

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.