The Institute of Internal Auditors (IIA) has released a report that sheds light on the future of the internal audit profession. Titled "Internal Audit: Vision 2035 – Creating Our Future Together," the study draws insights from over 7,000 practitioners and stakeholders worldwide, revealing key trends and challenges that will shape the profession over the next decade.
Organizations today are increasingly turning to their internal audit teams to bridge the widening gap between risk demands and risk management capacity. A recent survey conducted by AuditBoard sheds light on this shift, revealing that the role of internal audit is expanding significantly as companies seek to bolster their resilience against emerging threats.
The Institute of Internal Auditors (IIA) has appointed Terry Grafenstine as the new Chair of its global board of directors, a decision announced during the organization's annual business meeting and 2024 International Conference held in Washington, DC last week. Grafenstine will serve a two-year term, bringing a wealth of experience to the role.
The Securities and Exchange Commission (SEC) has announced that R.R. Donnelley & Sons Company (RRD), a global provider of business communication and marketing services, has agreed to pay over $2.1 million to settle charges related to cybersecurity control failures. The case, however, has ignited a debate about the SEC's interpretation and application of internal accounting controls regulations.
The Public Company Accounting Oversight Board (PCAOB) has announced an open meeting on Wednesday, June 12, 2024, at 2:00 p.m. ET, where it will consider crucial proposals and amendments to strengthen auditing standards and professional conduct rules.
While Microsoft Office tools like Word, Excel, and Outlook are ubiquitous in businesses, relying solely on these manual methods for internal audit processes is highly inefficient and risky. Most organizations still use scattered documents, spreadsheets, emails, and SharePoint sites to manage audits, risk assessments, compliance activities, and other internal audit (IA) functions. However, this outdated approach has major drawbacks that can undermine IA effectiveness.
The Public Company Accounting Oversight Board (PCAOB) today approved a new quality control standard aimed at driving significant improvements in the systems used by audit firms to promote high-quality audits. The landmark standard replaces outdated quality control requirements developed before the PCAOB's creation and establishes a modern, risk-based approach.