New email went out to subscribers today: Audit and Governance Weekly News 12th February

Putting aside the new UK SOX proposals, Lux Internal governance changes, and the 55-page PowerPoint presentation sent by a Deloitte employee detailing alleged audit violations in China (see below). The highlight for me this week is the podcast covering ‘The Critical Role of Internal Audit in Cyber Defense’.

I know a number of clients who have been looking at exactly this – how to Integrate the relationship between Internal Audit and Cyber Security in order to stay ahead of Critical Risk… so don’t miss this little gem. Part of a series of podcasts entitled ‘Fraud Eats Strategy’ from JD Spura, the podcast features Global execs Karen Albert (Head of Audit Chemicals company), Steven Davies (InfoSec, Risk Management – ex Morgan Stanley), and Jordan Ray Kelly (Cyber Consulting ex Cyber Division Chief of Staff FBI).

It is somewhat of a shameless plug for (surprise!) one of the guests’ own consulting firms, using co-sourcing as a solution, but I can forgive that there are some really interesting comments from some very knowledgeable individuals on how they are implementing IA Cyber Risk now. Some of the topics covered are:
* What IA Cyber Risk frameworks to select and when to implement them.
* How to form a Cyber Risk assessment in coordination with Internal Audit.
* The potential pitfalls of Internal Audit independence in relation to Cyber Security.
* How to bridge the Cyber Security skills gap within Internal Audit.
* How Internal Audit can ‘out’ emerging Cyber security risks.
* What’s the frequency sweet spot on reporting Cyber Risk Internal Audits to the board.

https://www.jdsupra.com/legalnews/fraud-eats-strategy-the-third-line-th-24214/ (https://www.jdsupra.com/legalnews/fraud-eats-strategy-the-third-line-th-24214/?)

I hope you enjoy this week’s offering.

Paul

In the news this week…
INTERNAL AUDIT CYBER RISK: HOW EXECS ARE INTEGRATING THE RELATIONSHIP BETWEEN IA AND CYBER SECURITY TO STAY AHEAD OF CRITICAL RISK

A look by top FS execs at the relationship and the links between internal audit and cyber security…read more

WHISTLEBLOWER EMAILED 55-PAGE POWERPOINT PRESENTATION TO EVERY COMPANY EMPLOYEE ALLEGING AUDITING VIOLATIONS IN CHINA

Global accounting firm Deloitte has come under attack after one of its employees alleges auditing violations in China… read more

UK DIRECTORS TO FACE FINES IN MAJOR OVERHAUL OF AUDIT RULES

Long-awaited reforms, set to be published as early as next week, will place a tough new burden on bosses in an effort to improve audit standards… read more

 

LUXEMBOURG REGULATOR CSSF, INTRODUCES CHANGES TO INTERNAL GOVERNANCE OF CREDIT INSTITUTIONS

Update of Circular 12/552 on central administration, internal governance and risk management has been published by the Luxembourg regulator, Commission de Surveillance du Secteur… read more

 

CREDIT SUISSE LOSES FINAL BID TO BLOCK AUDITOR APPOINTMENT IN SPYING SAGA

A story I’ve been following for a while – Credit Suisse has lost its final bid to block the auditor chosen by Swiss financial supervisor FINMA to scrutinise the bank’s activities in a spying scandal, according to a Supreme Court ruling published on Wednesday…

 

FINANCIAL INSTITUTIONS WANT MORE CLARITY ON ANTI-MONEY-LAUNDERING CHANGES

Compliance professionals hope the government will provide more input on its expectations following the enactment of an anti-money-laundering reform law, a recent poll found… read more

 

HEDGE FUNDS RISK BIDEN-ERA END TO MONEY-LAUNDERING LOOPHOLE

Investment advisers overseeing private equity and hedge funds are currently exempt from reporting money laundering suspicions, attracting cash from Mexican drug lords, countries under U.S. sanctions and companies with suspected Russian mob ties…

 

UK COMPANIES FACE UK VERSION OF U.S. SOX AUDIT SAFEGUARDS -SOURCES

Company directors would personally vouch for the accuracy of their financial statements under landmark proposals from Britain’s finance ministry to improve corporate behaviour, say sources familiar with the plans… read more

 

** Hiring for your Internal Audit team?
————————————————————
We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
Contact:
[email protected]

Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.

Contact:
[email protected]