Audit & Risk

Off the wire

Our regular listing of key news stories on the internet.

in News.

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Government lays out narrative reporting future

Accountancy, 18 October
The government has published draft regulations on the new structure for narrative reporting that will require UK companies to produce a strategic report. Quoted companies will be required to report, to the extent necessary for an understanding of the business, on their strategy, business model and any human rights issues.
bit.ly/OLblRd

Sun Life fined £600,000 for poor management

BBC News Online, 18 October
Pension provider Sun Life of Canada has been fined £600,000 for the poor management of its £1.2bn with-profits investment fund. The Financial Services Authority said that the firm’s supervision had been “unclear and inadequate”.
http://bbc.in/RJlyhl

FTSE-350 chairs accused of governance failings

Financial Times, 17 October
Chairmen of FTSE-350 companies are failing to take responsibility for corporate governance in their annual reports and to specify the values on which their companies are run, according to a new report.
http://on.ft.com/T1yOd2

Iceland bank repays further £25m to English councils

Public Finance, 9 October
Local authorities in England have received the third tranche of money from the failed Icelandic bank, Landsbanki, the Local Government Association has revealed. The payment, worth £25m, means that councils have recovered about half of the £416m they had on deposit in the bank when it collapsed in October 2008.
bit.ly/ROTb0y

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

Bedford
£30,851 - £33,661, Part-time, 18.5 hours per week, Quote ref: P000563

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.