Thursday, September 24, 2015

Audit News Briefing: 24 September 2015

Audit-is-cool is pleased to accumulate and provide its readers with the news on audit and related topics:






September 21, 2015
Accounting Today
US: PCAOB Strikes Deal with Luxembourg

“This agreement with the Luxembourg audit regulator reflects the strength and depth of our relationships in Europe.” – is the statement of PCAOB Chairman James R. Doty when US accounting and audit regulator, Public Company Accounting Oversight Board has entered into a cooperative arrangement with Luxembourg’s audit regulator, the Commission de Surveillance du Secteur Financier of Luxembourg. This is in relation to the oversight of audit firms subject to the regulatory jurisdictions of both regulators. Please follow link for details: http://www.accountingtoday.com/news/audit-accounting/pcaob-strikes-deal-with-luxembourg-75850-1.html

September 16, 2015
Accounting Today
Global: Demands Increase on Financial Service Internal Auditors

“This latest report in the Common Body of Knowledge series provides a provocative and in-depth look at modern financial services internal auditing,” said Institute of Internal Auditors global chairman Larry Harrington in a statement. “Its analysis provides real insight into some of the most vexing challenges the profession will face as it meets growing demands for services.” This is concerning the financial service industry as pressures for internal auditors are growing quickly around the world. The report examined the challenges facing the profession, identified regulatory requirements, and technology risks or threats involved. Please follow link for details: http://www.accountingtoday.com/news/audit-accounting/demands-increase-on-financial-service-internal-auditors-75803-1.html

September 3, 2015
Computer Business Review
Top 5 IT Security Audit Questions

The CBR Online recently featured in their Cybersecurity/Business segment, the most common audit compliance questions asked by external IT auditors to determine whether a company is able to safeguard its most valuable assets.
They are, as follows:

  1. Do you have a documented security policy?
  2. Are access privileges in your organisation granted adequately?
  3. What methods do you use to protect your data?
  4. Do you have a disaster recovery plan?
  5. Are your employees familiar with existing security procedures and policies?


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