New guidance could add teeth to internal audit
CFO Magazine, 24 October 2012
Small companies should benefit from revised internal-audit standards. They could make the chief audit executive a whole lot more popular, too. Internal auditors will have a louder voice in their company come 1 January 2013 — that’s when new revisions to internal-auditor standards drawn up by the Institute of Internal Auditors (IIA) will go into effect.
Councillors’ emails at Cheshire West and Chester Council probed by managers
Chester Chronicle, 25 October 2012
Cheshire West and Chester Council is investigating the leak of commercially-sensitive information to the media. What upset council bosses was when The Chronicle revealed the authority had agreed to sell land for a supermarket next to Chester’s Cineworld for £5.77m, subject to planning permission. Council spokesman Ian Callister said: “The council’s Internal Audit Service is currently undertaking an investigation into the disclosure of commercially sensitive financial information to the media.”
UBS internal probe focused only on accused trader
Reuters, 10 October 2012
The head of an internal UBS probe into "rogue trader" Kweku Adoboli, accused of losing the Swiss bank US$2.3bn did not consider whether others at the bank might have been involved, a London court heard.
ICAEW gives qualified welcome to narrative reporting plans
Accountancy Age, 19 October 2012
The business department's plans for companies to provide a “concise, standalone” report on strategy and business model – replacing the business review – have received a qualified welcome from the ICAEW.