Best Practices

The 5 Principles of Great Insight

Accurate, informative project reports are a crucial GRC tool for audit teams striving to communicate effectively with organizational leadership. Unfortunately, producing a thorough, incisive, yet readable report can be challenging, even for experienced auditors. No two projects are alike — which is why taking a one size fits all approach to report writing can be […]

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The Non-GAAP Roadmap for Audit Committees

Audit committees can and should play a key role when it comes to non-GAAP measures. To help audit committees with that role, a new report offers a “roadmap” featuring three key steps.

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The case for merging sustainability, risk and compliance

An integrated governance model could provide benefits to sustainability teams.

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Five key areas where the compliance function is changing

An Accenture Compliance Risk Study highlights different strategies that firms are pursuing to create compliance functions that meet the demands of a rapidly changing financial services industry.

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Blockchain will make today’s accountants obsolete

The Big Four accounting firms—Deloitte, Price Waterhouse, Ernst Young, and KPMG—seem to be taking an “if-you-can’t-fight-them-join-them” approach to the onset of blockchain technology. As of mid-2017, Deloitte alone had 250 people working in distributed ledger laboratories, and the other three are being similarly aggressive.

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PCAOB requests public comments

The PCAOB is requesting additional public comments on a proposal that would require additional oversight of lead auditors relying on the work of other auditors. These requirements could particularly impact large multinational audits.

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Iranian hackers targeted Deloitte as well

In addition to the revelation last week that Deloitte’s network had been hacked and compromised (as reported by The Guardian), Iranian hackers have targeted Deloitte as well. Iranian hackers set up a fake Facebook profile for an attractive female and targeted one of Deloitte’s cybersecurity experts. The hackers were able to convince him to open an infected document on his Deloitte computer.

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CEO & CFO sign off on consumer data security

In light of the Equifax breach, new legislation is being proposed that would require additional corporate disclosures and sign offs stating minimum standards of consumer data security have been met. The proposed Secure and Protect Americans’ Data Act could require CEOs and CFOs to sign a Sarbanes Oxley like certification for consumer data security.

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Material Weaknesses can portend fraud disclosure

A new study by the American Accounting Association titled Internal Control Weaknesses and Financial Reporting Fraud concludes that Sarbanes-Oxley Section 404 disclosures can serve as an early warning system for fraud within the company. The study finds that the disclosure of a material weakness increases the chances of a future fraud revelation by 80 to 90%.

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