In Latest Operational Resilience Proposals for UK Institutions, Regulators Outline Expectations for Outsourcing Arrangements and Third-Party Risk Management
Financial institutions should expect their outsourcing and third-party risk management practices to come under increased scrutiny as part of the growing regulatory focus on the operational resilience of the financial services sector. The series of coordinated consultation papers on operational resilience, published by the UK supervisory authorities in December 2019, provide the strongest indication yet […]
SEC Joins the PCAOB in Emphasizing the Importance of the Audit Committee’s Role
On December 30, 2019 the Securities and Exchange Commission (SEC) issued a statement on the role of audit committees in financial reporting. This statement follows by a few weeks a similarly focused report from the Public Company Accounting Oversight Board (PCAOB). Together, the two releases underline the importance these regulators place on a well-informed, engaged, […]
CECL and the New AICPA Practice Aid (Part 2): Financial Statement Presentation and Enhanced Financial Statement Disclosures
New accounting standards that fundamentally change the way financial services organizations calculate current expected credit losses (CECL) took effect for large institutions on January 1, 2020. The new standards are part of a broader effort to increase the accuracy of financial statements and provide more transparency for stakeholders. Smaller financial organizations and private institutions have […]
Agile Internal Audit: How to Audit at the Speed of Risk
There’s never been a better time to be an internal auditor. The internal audit profession is being asked to respond to an ever-increasing set of issues that reside in technology, compliance, culture, risk and other emerging hot topics. The ability for internal audit functions to remain relevant and address the needs of their clients is […]
Make ESG Part of the Public Company Readiness Checklist — Your Valuation Could Depend on It
The public company readiness checklist for any business working toward an initial public offering (IPO) is long and complicated. And now, there are signs in the marketplace that for many companies aiming for an IPO, this checklist may need to include an analysis of environmental, social and governance (ESG) performance and reporting. Demonstrating meaningful effort […]
Next-Gen Internal Audit: What Do We Mean When We Talk About Agile Audit?
As businesses focus on digital transformation for speed and service, they tend to put more emphasis on individuals and interactions than processes and tools. In the process, rigid hierarchical business processes are being replaced with collaboration, iterative processes and constant communication across the enterprise. These new methodologies are borrowed from software development, where they were […]
