Audit & Risk

Off the wire

Our regular listing of key news stories on the internet.

in News.

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NHS charging and rationing “may be needed”

BBC News Online, 4 July
More rationing of care and charging for services in the NHS need to be considered, as it faces at least a decade of austerity, according to the Institute for Fiscal Studies, which says the coming years will be the toughest since the early 1950s. Other measures, including tax rises, could also form part of the solution.
http://bbc.in/N7tllE

Barclays to hold internal review of its practices

City AM, 3 July
Barclays has promised to hold an independent audit of its practices following its record-breaking £290m fine for abuse of the Libor interest rate. Pledging that all findings will be published, Barclays said it would undertake a “root-and-branch review of all of the past practices that have been revealed as flawed since the credit crisis started”.
bit.ly/MtgBId

Vince Cable: “Investing in banks needs to be boring again”

The Daily Telegraph, 2 July
Shareholders have been urged by Vince Cable, secretary of state for business, innovation and skills, to play a more active role in boardroom pay and corporate governance reforms, and to look at the merits of appointing worker-directors.
bit.ly/Lt8Pd4

Scottish public service reforms “require bigger audit role”

Public Finance, 2 July
Public service reforms will make governance issues a priority in audit and inspection, according to the chairman of Scotland’s Accounts Commission, John Baillie.
bit.ly/LRpf3x

Pension schemes retain clout on corporate governance

Professional Pensions, 1 July
Pension funds still have “clout” in UK equity markets, despite holding a dwindling proportion of UK shares compared with foreign investors and institutional asset managers, according to the National Association of Pension Funds.
bit.ly/N3Tyi5

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.