Survey says: IA feeling the squeeze

A survey conducted at the recent Institute of Internal Auditors annual conference by Protiviti has revealed that ⅔ of IA professionals believe their department is under-resourced and therefore unable to adequately carry out their duties. Protiviti’s take is that due to increased expectations of the assurance Internal Audit can provide on an ever-widening spectrum of […]

Payroll system conversion horror story

Converting their payroll system has resulted in some serious errors to the tune of greater than $1.5 million for the Fort Worth (Texas) school district. The school district overpaid employees and former employees at least $1.54 million, according to the [internal] audit. It also found that the district’s payroll system lacked proper controls, was cumbersome […]

Internal audit at Satyam

New charges in the Satyam scandal were laid by India’s Central Bureau of Investigation, for “creating fake invoices to inflate revenues by US$94 million and forging company board resolutions to obtain unauthorised loans worth US$265 million” according to this story in Accountancy Age. This comes after charges were laid on November 21 against the former […]

Dueling perspectives on internal audit

A guest post by an intern in Internal Audit was recently featured on another accountant’s blog, I Want To Be A CA, and I was first alerted to it by Krupo’s post title bait. The post is not complimentary about internal audit, but the support for its thesis is so flimsy and based on purely […]

IIA: Keep internal and external audit separate

AccountancyAge is reporting that the UK and Ireland IIA’s chief executive Ian Peters recently made a statement on the contentious issue of having external auditors provide internal audit services: Internal auditors answer to management and the non-executive directors… external audit reports to shareholders. Merging these two important functions has the potential to cause serious conflicts […]