Audit-is-cool is pleased to accumulate and
provide its readers with the news on audit and related topics:
July 20, 2016
Accounting Today (Debits&Credits)
Internal
Auditors Move to Combat Cyberattacks
New Report – Institute of Internal
Auditors: Growing Role of Internal Audit Profession in Cybersecurity
The kind of support needed:
·
Not
simply focused on prevention.
·
Setting
and management of expectation.
·
Helping
the company assess readiness in dealing with the inevitable.
IIA President and CEO Richard Chambers: “What
we continue to find is that cybersecurity is recognized almost universally as
one of the most significant risks that organizations face … It’s one that
internal auditors have increasingly begun to recognize they have to help
address. But what we also find is that in a lot of instances the focus can’t
just be on trying to prevent a cyberattack because cyberattacks are virtually
inevitable. Anyone who tells their board or their customers that they are
immune from a cybersecurity attack is just not being truthful.”
Please follow link for details: http://www.accountingtoday.com/blogs/debits-credits/news/internal-auditors-move-to-combat-cyberattacks-78732-1.html
July 19, 2016
Accounting Today (Accounting Technology)
Internal
Audit Function Varies Globally
19-July
REPORT – Internal Auditors Research Foundation: Found a variety of factors
affecting the maturity levels of internal audit in different parts of the
globe, including the:
-
age
and size of the internal audit function,
-
the
type of industry,
-
the
size of the organization, and
-
other
variables.
Highlight:
technological variation across regions – regions still relying on manual
systems and processes (13%) North America (36%) East Asia and Pacific.
Please
follow link for details: http://www.accountingtoday.com/news/audit-accounting/internal-audit-function-varies-globally-78716-1.html
June 29, 2016
Accounting Web
PCAOB
Issues Staff Guidance for Firms on the New Form AP
(AP)
Audit Participants NEW FORM requires disclosure of the following:
·
The
name of the engagement partner for all public company audits issued on or after
Jan. 31, 2017.
·
Information
about other audit firms participating in the audit for all public company
audits issued on or after June 30, 2017. That information will include the
names, locations, and extent of participation of other accounting firms that
took part in the audit, if their work constituted 5 percent or more of the
total audit hours. It also will include the number and aggregate extent of
participation of all other accounting firms that took part in the audit whose
individual participation was less than 5 percent of the total audit hours.
Written
Statement of Martin Baumann (PCAOB chief auditor and director of professional
standards) – “Form AP will provide transparency to investors about the
engagement partner and other accounting firms that took part in the audit… The
guidance issued today (29-Jun) will help firms implement the processes required
to deliver that information.”
Please
follow link for details: http://www.accountingweb.com/aa/auditing/pcaob-issues-staff-guidance-for-firms-on-the-new-form-ap
