Audit & Risk

Off the wire

Our regular listing of key news stories on the internet.

in News.

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HK regulator in Ernst and Young China secrecy row

BBC News Online, 29 August 2012
Hong Kong's market regulator the Securities and Futures Commission is taking Ernst & Young (E&Y) to court to force it to reveal information on a former China-based client, Standard Water, in an unprecedented move. E&Y has said if it complies it could be in violation of China's state secrecy laws as Chinese company records can be claimed as state secrets.
http://bbc.in/Q05eHl

Regulators to clear up advisors’ whistleblowing rules

Accountancy Age, 23 August 2012
Instances where accountants should override confidentiality and disclose a suspected illegal act committed by a client or employer will be revised as part of changes to the code of ethics governing the profession.
http://bit.ly/SXfVJ6

HMRC probes £11bn tax owed by foreign companies

Accountancy, 28 August 2012
Big foreign-owned companies are being targeted by HMRC for up to £11bn in underpaid taxes. Under a Freedom of Information request, HMRC’s Large Business Service, responsible for the taxes paid by the 770 largest businesses in the UK, revealed it was probing around £25bn in potentially unpaid tax revenues.
http://bit.ly/NwsBKt

Councils could save £300m on social care reviews

Public Finance, 23 August 2012
Local government could release £300m to spend on elderly care by improving social care assessments and reviews, the Audit Commission has said. The watchdog found that the number and cost of assessments and reviews had increased significantly with the shift towards personalised care.
http://bit.ly/PBXmfx

The IIA: find out more

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Internal Auditor

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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.