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e-Book: Charting a New Course for Internal Audit
In this e-Book, produced by Compliance Week in cooperation with ACL, we consider the changing role of internal audit and the forces that are transforming the function. We also look at some of the external factors that are affecting internal audit, such as new regulatory requirements and the market for talent. Download here.
The SEC has given fresh guidance on how companies can use charts, graphics, and even multimedia files in corporate filings to tell your story in fewer words. All well and good, says a new Compliance and Disclosure Interpretation from the Division of Corporation Finance. It warns, however, that required information must be included as searchable text or in a searchable table within the filing.
As cyber-security works its way onto the corporate board agenda, COSO is suggesting ways that its frameworks for internal control and risk management can be a starting point for companies to anticipate fast-emerging risks. “Just as the board is responsible for enterprise risk management, this is very similar,” says Mike Rose, a partner at Grant Thornton. So is the basic COSO approach, whether the risks are financial or cyber. More inside.
The OECD has received an earful about proposed revisions to its principles of corporate governance, guidelines it encourages countries to adopt much the way they already follow its principles for anti-corruption. Some say the revisions dwell too much on company-level reforms, and not enough at the country-level to allow flexible application of them. More inside.
Every compliance and audit executive wants to manage cyber-security risks. That assumes, however, that the whole organization agrees on what a cyber-security risk is. Taxonomies do exist to build a more disciplined approach to cyber-security. Try to take all steps to manage all such risks, and “it’s going to be very difficult to manage,” warns Greg Michaels, of Kroll’s cyber-security practice. More inside.
Every role in financial reporting is generally clear, which should lead to a relatively smooth process to issue financial reports—and yet, no. This month, Compliance Week columnist Scott Taub examines the peculiar inefficiency we have around adjustment of immaterial items. Even as participants in the reporting ecosystem all do their jobs here, the result still is wasted time on issues irrelevant to investors. How did we get here? How do we get out?
Worry over say-on-pay votes is out this proxy season; all the cool kids will be stressing over equity compensation plans instead. Proxy advisory firms are promising new levels of scrutiny for equity plans. “Companies have to be flexible because there are so many more moving parts to the methodology,” says Jim Kroll of Towers Watson. Also on the horizon is the SEC’s pending rule on CEO pay ratio disclosure.
U.S. companies eager to do business in Cuba face a long road in front of them, including a bewildering maze of compliance reviews and certifications before they can transact one dollar of trade. Revival of banking processes alone will be subject to a “blindingly deep amount of regulation and law,” says John Kavulich of the U.S.-Cuba Trade and Economic Council. More inside.