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...
Archive - January 2020
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...
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...
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...
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...
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...
BlackRock’s Larry Fink Draws Another Line in the Sand – The Message Is Getting Clearer
On Jaunary 14, BlackRock’s Chairman and CEO Larry Fink issued his annual letter to public company chief executives. BlackRock is a global investment management company, the world’s largest, with almost $7 trillion...
RPA Deployments Remain Untapped Opportunities for Oil and Gas Companies
Energy and utilities businesses, like many companies, can benefit from using robotic process automation (RPA) to drive efficiencies, boost speed to market and bolster financial performance. However, many of these firms...
A Rise in Collaboration Between Internal Audit and IT Is a Welcome Trend
In mid-October, Protiviti and ISACA released the 2019 Global IT Audit Benchmarking Study, for which we surveyed more than 2,200 internal audit (IA) executives and professionals around the world. We summarized the key...
LIBOR Transition: Preventing History From Repeating Itself
The London Interbank Offer Rate, or LIBOR, which according to the New York Times is the “one number that arguably matters more than any other” in the world of finance, will no longer be the primary benchmark rate used...