Internal audit - An integrated approach
June 2016 | Company Director
Internal audit is set to play a pivotal role in the adoption of integrated thinking and reporting in the Australian market, but some regulatory hurdles need to be overcome, writes IIA-Australia CEO Peter Jones. Read on....
http://www.companydirectors.com.au Internal auditing delivering professional edge to Canberra
May 2016 | Public Sector Informant
Across the globe, one in four internal auditors work in the public sector so in Australia, it’s no surprise that the majority of local auditors are based in Canberra. And with one in four internal auditors about to retire, the profession is undergoing change through a generational handover. Read on.... Queen’s Birthday Honours
The Governor General today (8 June 2015) announced the appointment of Bruce Turner as a Member (AM) in the General Division of the Order of Australia "for significant service to public administration through contributions to governance and risk management practices, and to the profession of internal auditing. Bob McDonald OAM in 2005 is the only other Order of Australia recipient specifically associated with the internal auditing profession.
In the Penrith City Gazette 11 June 2015 and Western Weekender 12 June 2015, Bruce Turner's service to public administration through contributions to governance and risk-management practices and the profession of internal auditing was acknowledged. Study: Internal auditors must upskill to show value
April 2014 | Corporate Risk and Insurance
Managers are less convinced than Audit Committee directors of the value internal risk assurance teams contribute to the business bottom line. Achieving High Performance in Internal Audit Study – conducted jointly by the Institute of Internal Auditors-Australia (IIA-Australia) and global risk consulting firm, Protiviti. Read on.... Deadwood directors can stay: nine-year cap dropped March 2014 | Australian Financial Review
A proposal by leading superannuation funds to cap director tenures on listed company boards to nine years has been dropped after protests by business groups. Internal audit, environment and more sign offs in new governance rules
March 2014 | Australian Financial Review
Chief financial officers and their CEOs will need to sign off on every financial report, not just the full year ones under the first revision to the ASX's corporate governance guidelines since the financial crisis. Internal audit, environment and more sign offs in new governance rules
January 2014 | Company Director Magazine Peter Jones
outlines the issues directors, and especially those on audit and risk committees, are likely to face in 2014. One thing we can be sure of 2014 is that it will be another year of changes. Some will be cyclical. Some will be structural. And, of course, business-as-usual demands will continue. Read on.... Sack ministers over Qld Health 'fraud': academic
December 2011 | Canberra Times
A Canberra academic says ministers and senior bureaucrats must lose their jobs after a Queensland public servant allegedly stole $16 million from the state's Health Department. (...) the head of the Institute of Internal Auditors, Christopher McRostie, warns the Commonwealth is also exposed to the risk of serious fraud.
Commonwealth fraud will be endemic without serious reform
December 2011 | Canberra Times
Christopher McRostie, CEO, IIA-Australia calls for greater transparency and accountability in the Australian Public Sector in light of recent frauds exposed by Sydney Morning Herald's
investigative journalist, Linton Besser.
Call to keep audits private
September 2011 | SMH
Stephanie Koehn, Manager, Technical, IIA-Australia comments on recent reforms to Commonwealth and state laws. These laws that have been introduced may have the unintended consequence of undermining the internal audit function. Stephanie stated "We are concerned the release of internal audit reports would seriously undermine public sector governance and the long-term integrity of public administration".
Board appointment for IIA-Australia president
September 2011 | Campus Review
Cathy Blunt, Manager of Internal Audit at Griffith University, had been appointed to the board of IIA Global and the executive committee of the Asian Conferderation of Institute of Internal Auditors (ACIIA), in recognition of her world class professional leadership and expertise.
Blunt takes up global post
September 2011 | AFR
Cathy Blunt, President of IIA Australia has been appointed to the global board of the Institute of Internal Auditors. In this role she will push for Internal Audit to be a legisalated requirement for all governement departments and agencies. This also includes any companies which recieve fund from public investors.
Auditors raise their bar
April 2011 | AFR
From July 1, IIA-Australia will introduce a new "professional membership". To qualify for this new level of membership applicants will need to hold its global internal audit qualification or have passed the compentency framework. "Professional members" will be identified by unique post-nomimals that will signal to employees, peers and the broader community that they have meet a set of compentencies and therefore have the essetinal skills to practise as effective internal auditors.
Directors must be wired
July 2010 | AFR
Joe Garbutt, Director, Policy IIA comments on the AFR's all Street tricks won't stop now article in his letter to the editor. Joe Garbutt puts the case for a strong and effective internal audit function in all organisatins to ensure good governance and risk management.
Internal audit hits compliance radar
July 2010 | AFR
The knack of internal audits to pinpoint instances where shareholders and other stakeholders are being ripped off, is behind the latest push to make internal audit standards central to the compliance landscape. The IIA's CEO, Christopher McRostie, talks to the AFR about the second stage of its campaign to have internal audit standards more widely accepted in the business community.
Controls Aid Internal Audit Hiring
May 2010 | AFR
Listed company audit committees have tightened their internal audit control by removing reporting lines to management. The conclusion was reached from the findings of a joint survey by risk consultants Protiviti and the Institute of Internal Auditors Australia (IIA).
Risk Management Mandatory
May 2010 | Management Today
Risk management assurance must be removed from the ASX Corporate Governance Council's optional 'if not, why not' regime and elevated to the status of a mandatory ASX listing rule, says the Institute of Internal Auditors Australia (IIA).
Laying Down the Internal Audit Law
Apr 2010 | Risk
The IIA recently called for non-negotiable risk assurance standards to be introduced for ASX-listed companies. Craig Donaldson examines how public companies fare when it comes to internal audit and looks at the implications of the IIA's policy in practice.
National Nine News
Apr 2010 | Nine Network
IIA Director Gary Anderson was called on for comment regarding the Melbourne Storm salary cap scandal. Excerpts from the interview went to air on the National Nine News on April 27.
Internal Audit 'Non-negotiable': IIA
Mar 2010 | Risk
The Institute of Internal Auditors has called for "non-negotiable" risk assurance standards to be introduced for ASX-listed companies. The call for mandatory audit requirements came as part of a broader call by the IIA for its policy agenda to be adopted across the Australian private, public and not-for-profit sectors.
Governance in Government: A Long Way to Go
Mar 2010 | Risk
Recent events including the Federal Government's home insulation bungle have highlighted how far the public sector needs to go to integrate best practice governance, risk management and compliance. IIA board director Gary Anderson comments in this article.
Auditors Want Mandatory Risk Management Standards
Mar 2010 | insuranceNEWS.com.au
The Institute of Internal Auditors (IIA) has called for strict regulatory standards around risk management, pointing to the global financial crisis as evidence of the perils of excessive risk-taking.
Call for Internal Audits to be Mandatory
Feb 2010 | afr.com
A call for mandatory internal audit is one of five governance principles articulated in the Institute of Internal Auditors' policy agenda which was launched at Parliament House on Wednesday 24 February. Speaking at the launch, Institute of Internal Auditors director Gary Anderson said that many companies lacked acceptable frameworks to identify and manage risks under the current regime. Lindsay Tanner, Minister of Finance and Deregulation, commented on the need to improve risk management in the wake of the global financial crisis.
Road to Recovery Paved with Risks
Nov 2009 | Risk
Brighter economic times may be on the horizon but companies need to strengthen their risk management now to avoid potholes along the way. Companies that do not ramp up their risk and control frameworks to match the surge in business from an improving economy could suffer major financial losses …according to Cathy Blunt, vice president of IIA.
Time to Assess Risk
Nov 2009 | BRW
Organisations are urged to strengthen their risk and control systems in preparation for the improving economy. Cost-cutting during the economic slump had depleted the risk-management process of many companies. Cathy Blunt, vice-president, IIA comments in this short article.
When Two’s Better than One
Sept 2009 | Risk
Last month a FTSE 250 company caused controversy by replacing its external and internal audit firms with a single firm. Christopher McRostie, Chief Executive of the Institute of Internal Auditors, shares his views on the development.
Back from the GFC
Sept 2009 | Risk
In this comprehensive analysis, Sally-Anne Pitt, manager consulting and quality services at the Institute of Internal Auditors, explains how to more effectively integrate risk management and internal audit for better governance.
Australians Storm the Board of Global Internal Audit Body How Auditors View Meltdown
May 2009 | Risk Magazine
Internal auditors need to become more proactive in using their expertise in risk management, control and governance to assist boards and management steer their organisations out of difficult times according to the IIA president, Andrew Dix.
IIA Warns on Audit Cuts
April 2009 | Risk Magazine
The economic crisis is forcing many companies to adopt a slash and burn approach to internal audit. The IIA expresses concern.
Company Audits Compromised
15 April 2009 | Investor Daily | Julie May
Some listed companies compromise independent audit functions by ignoring governance standards.
Companies Neglect Internal Auditors
14 April 2009 | Business News | Edited announcement
Many Australian listed companies are neglecting fundamental governance standards by failing to establish an independent internal audit function.
Auditors are Compromised, Studies Show
3 April 2009 | Financial Review | Mark Fenton-Jones
Dangerous conflicts of interest can arise when internal auditors aren't given independence.
Internal Audit 'Becoming Key Indicator'
23 March 2009 | Sydney Morning Herald and The Age
Regnan Managing Director Erik Mather addresses the Institutes of Internal Auditors conference, SOPAC and relates that the health of a company's internal audit is now seen as an early warning indicator of the overall health of a company.
21 November 2008 | Australian Financial Review | Mark Fenton-Jones
Interview with the global head of Protiviti during his Australian visit. IIA-Australia points out that Australian regulation is out of line with global practices in relation to mandating internal audit. Engaging with Internal Auditors
12 August 2008 | The Boardroom Report | Australian Institute Company Directors
Audit committees worldwide are developing stronger relationships with the internal audit function, but according to the Institute of Internal Auditors Australia's Technical and Policy Director, Todd Davies, this trend need not be a worry for nonexecutive directors and can be easily managed. NSW Audit Proposals Held up as an Example for all
18 July 2008 | The Australian Financial Review | Christopher Jay
A performance review of internal audit proposals for the NSW public service has been hailed by the Institute of Internal Auditors-Australia as a model for governments throughout Australia. A Guide to Controlling
17 June 2008 | The Boardroom Report | Australian Institute Company Directors
Now that the heat is on directors to take a more hands on role in overseeing the management of risks, a new guide has been issued to provide some useful answers. The Institute of Internal Auditors Australia has published a booklet, Guidance on the Implementation of Principle 7. McLay Takes a Hammer to Glass Ceiling
Friday, 06 Jun 2008 | The Australian Financial Review | Damien Lynch
Kathryn McLay made history last week when she officially became the first female president of the Institute of Internal Auditors in Australia. Directors Emphasise Internal Audit Value
Wednesday, 05 March 2008 | The Australian Financial Review | Patrick Durkin
Leading company directors have called on boards to devote more focus to internal auditing to avoid repeating the mistakes of Centro, MFS, Allco and ABC Learning Centres. Mandatory Inside Audit Plan Sought
Friday, 07 December 2007 | The Australian Financial Review | Damien Lynch
The first Australian to be appointed president of the Asian Confederation of Institutes of Internal Auditors urged local regulators to follow Malaysia's lead by recognising mandatory internal audit standards, if not by making them compulsory then at least by strongly encouraging Australian companies to adopt them. Audit in the House
9-15 August 2007 | Business Review Weekly| Kate Burgess
Internal auditors can present unsanitised views of company performance, but too many fail to implement international standards.