Board members keenly focused on risk

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Click on the following link for the article: www.cgma.org

I take this article with a grain of salt as it is only a brief discussion of the entire survey. However, if true, the numbers and percentages provided on the few areas discussed are troubling. At this point the numbers of boards that aren’t up-to-speed on risk management should be much less – and the survey appears to treat risk management areas such as risk appetite (a term that I don’t like) as a one-time, one-item overall number, which it isn’t and cannot be.  Dave Tate, CPA, Esq. (San Francisco)

Public Company Accounting Oversight Board (PCAOB): Selected Auditing Developments | The National Law Review

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The Public Company Accounting Oversight Board (PCAOB) has adopted Auditing Standard No. 18, Related Parties (AS 18), addressing related party transactions, as well as related amendments addressing significant unusual transactions and transactions with executive officers.

Click on the following link for the article: www.natlawreview.com

Could computers take over the boardroom?

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It’s a common saying that one day all our jobs will be done by robots, but top executives may not have expected their position in the C-suite to be under threat so soon.

Source: click here for a link to the article

An interesting discussion.  The answer is “no.”  However, guidelines, processes or algorithms can help with the decision making in many situations, particularly compliance and risk management.

 

Dave Tate, CPA, Esq.

Internal Audit Metrics

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Click on the following for the article discussion: iaonline.theiia.org

Good discussion for consideration.  See the 5 interview questions at the bottom. Broad questions, to be sure.  It is a two way street: ask internal audit, “how can internal audit help” / and ask the board and its committees and senior management, “how would you like internal audit to help”?  Dave Tate

Auditing Risk Appetite

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Regulators around the world are calling for organizations to establish a risk appetite framework. This is primarily for financial services organizations and especially their financial-related risks…

Source: normanmarks.wordpress.com

Wondering – how is IA assessing the RAF, and how do stakeholders and the audit committee know if IA is doing it appropriately or sufficiently?  Is there specific guidance?  How are regulators determining sufficiency?  Are insurers taking these requirements into consideration when determining rates?

Dave Tate, Esq. (San Francisco)
http://tatetalk.com

Audit Committee Annual Self-Evaluation Form

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My audit committee annual self-evaluation form, click here for the form. Please feel free to use the form.

Drop me a note if you have questions or comments, or if you want help with the self-evaluation.

Dave Tate, Esq. (San Francisco / California), Email: davetateesq@gmail.com

If you want to move “qualitative” assurance and evaluation forward – disclose criteria – governance, ethics, risk management, etc.

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Simple and short. Outside independent auditors, internal audit, and people who are interested in governance, ethics, risk management and other “qualitative” or “partially qualitative” issues – disclosure the criteria that you are using or expecting to audit or evaluate those areas, and by doing so you will move the subject matter forward with transparency. If you want people to satisfy a standard, don’t you need to tell them the criteria?  In these areas the primary objective is for people to satisfy the criteria, not catch them for failure to satisfy, isn’t it? No need to be secret in these areas.  Perhaps the problem is that there might not be generally accepted criteria.  If not, after all these years, why not?  It takes leadership, vision and strategy.

Dave Tate, Esq. (San Francisco / California), http://tatetalk.com

Becoming a Risk Leader | Home

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IT is largely unprepared for the looming IT crisis. Learn why CIOs should be focusing on talent.

Source: www.executiveboard.com

A major question: will assurance, i.e., the outside independent auditors, be changing how they assess, evaluate or audit aspects of risk management and internal controls (COSO 1213)? It would be helpful for them to discuss and disclose changes, if any, that they will be making so that companies can prepare and better meet or exceed expectations, and stakeholders will know what the information and assurances that they read really say or disclose.

 

Dave Tate, CPA, Esq. (San Francisco / California)

SEC.gov | SEC Announces Largest-Ever Whistleblower Award

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Source: www.sec.gov

China Fines GlaxoSmithKline Nearly $500 Million in Bribery Case

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The fine is the largest ever imposed in the country, and the British drug maker’s former chief executive there was given a suspended prison sentence.

Source: www.nytimes.com