In at least one way, the esteemed executives who lead the world’s most powerful companies are just like you and me: They get bored at meetings. Particularly at corporate board meetings jammed with mind-numbing show-and-tell from management, sta…
Source: www.huffingtonpost.com
An interesting discussion, on a topic that I haven’t seen discussed in this manner. Dave Tate
Pan American Silver Corp., founded in 1994, is the second-largest primary silver mining company in the world. In this profile, Hik Park, director of internal audit for Pan American Silver, talks about being hired to establish the organization’s first independent internal audit function.
Click on the following for the article, and then also click on the download link near the bottom (it doesn’t require you to put in any information to view): www.knowledgeleader.com.
We don’t know what will come of the good intentions of course, but the public comment about goals is good if its correct. It sounds like Pan American IA needs additional staff to make it happen. And then will the audit committee, board and executive officers join in the effort, with public comment?
Dave Tate, Esq. (San Francisco/California)
Click on the following link for the discussion: iaonline.theiia.org
A good discussion. The board exercises oversight (and evaluation oversight) over management’s risk management and risk management processes. Dave Tate
10 things that audit committees should keep in mind as they consider and carry out their 2015 agendas.
Click on the following link for the discussion: www.kpmg-institutes.com
Good broad topic areas to consider, although I prefer the following discussion materials that I have written as they are more specific – click on the following link – Audit Committee Self-Evaluation Form David Tate Esq 10302014.
Dave Tate, Esq. (San Francisco / California).
The PCAOB’s pace of developing auditing standards is too slow, SEC Chief Accountant James Schnurr said. He plans reviews of the process in hopes of speeding it up.
Click on the following link for the article: journalofaccountancy.com
Generally, I agree. The PCAOB should be up-to-date in its overview actions – shareholders deserve the best. Events simply move faster than regulatory entities can adjust. But also interesting – the SEC criticizing the PCAOB? Looking at itself, is the SEC really in a position to criticize?
Question – if it is determined after-the-fact that an audit firm lacks independence, is the audit by that firm of any value? In other words, can the audit still be relied upon? One of the keystones of audit is that the auditing firm is independent of the entity that it is auditing. Perhaps it can still be determined that the issue or area causing the lack of independence did not materially impact the audit and the audit opinion? But this is problematic.
Dave Tate, Esq. (San Francisco / California)
The Center for Audit Quality and Audit Analytics teamed up on an analysis of 2014 audit committee disclosures in proxy statements to assess the effectiveness of the disclosures by public companies of their relationships with auditors and found that many public companies are suffering from disclosure overload.
Click on the following link for the article: www.accountingtoday.com
Interesting discussion, but I’m not sure that the information alone means much, unless greater and specific transparency become mandatory, or recognized best practice with consequences. Dave Tate, Esq. (San Francisco / California)
Click on the following link for the discussion: calcorporatelaw.com
An interesting discussion. Dave Tate, Esq. (San Francisco / California)
Social Security needs change to survive over the long run, and Congress seems willing to take up the daunting task of a Social Security overhaul. – Sean Williams – Investment planning
Click on the following link for the article: www.fool.com
No surprise here. Inactive and lack of diligent long-term planning. This issue has been around for 40-50 years. A serious issue for old, middle age and young alike.
If you are young, why do you want to pay 13-14% (half from you and half from your employer) into this program when there is no reasonable certainty that it will be around for you when you retire, and if it is around there is no reasonable certainty about what the benefits will be.
If you are near or at retirement and you paid into this program for 40-50 years you are probably safe, if you don’t live for another 20 years.
If you are in the middle, not near retirement, and have been forced to pay into this program for 25-35 years, good luck to you.
How would you rate the Social Security program risk management? See my prior blog post about the NIST cybersecurity risk management framework, Click for Post . I would rate Social Security risk management as Tier 1 – Tier 2.
Dave Tate, Esq. (San Francisco / California)
ACCA-KPMG study highlights the significance of OECD Principles in shaping CG requirements in 25 markets
Just an interesting read – click on the following link for the article: www.accaglobal.com
Dave Tate, Esq. (San Francisco / California)
AUDIT COMMITTEES, D&O, BUSINESS, COMPLIANCE, RISK, AUDITING, INVESTIGATIONS & LITIGATION 