Audit & Risk

Off the wire

Our regular listing of key news stories on the internet.

in News.

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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.
http://bit.ly/QGGEuX

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.”
http://bit.ly/R4UxRq

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.
http://reut.rs/QSucJR

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.
http://bitly.com/WZlFXw

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.