European Union - Reform of the audit market: Proposal for a regulation on the quality of audits of public-interest entities and proposal for a directive to enhance the single market for statutory audits (November 2011) resource Agency Guidances OCEG Reviewed
Brussels, 30 November 2011 - The 2008 financial crisis highlighted considerable shortcomings in the European audit system. Audits of some large financial institutions just before, during and since the crisis resulted in 'clean' audit reports despite the serious intrinsic weaknesses in the financial health of the institutions concerned.
SEC, Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants (2011) resource National Regulations OCEG Reviewed
Title VII of the Dodd-Frank Act broadly categorizes covered products as ‘‘swaps,’’ regulated primarily by the CFTC, ‘‘security-based swaps,’’ regulated primarily by the Commission, or ‘‘mixed swaps,’’ jointly regulated by the Commission and the CFTC.
IFAC, Global Survey on Risk Management and Internal Control (PAIB Committee, 2011) resource Research / Studies OCEG Reviewed
The PAIB Committee's survey on risk management and internal control received over 600 responses from around the globe. This information paper provides an analysis of the survey results and summarizes respondents' recommendations for the next steps in this area.
NCUA, Corporate Credit Unions (2011, Final Rule) resource National Regulations OCEG Reviewed
Summary: NCUA is issuing final amendments to its rule governing corporate credit unions (corporates). The amendments include internal control and reporting requirements for corporates similar to those required for banks under the Federal Deposit Insurance Act and the Sarbanes-Oxley Act.
Government Auditing Standards: 2010 Exposure Draft (GAO) resource Agency Guidances OCEG Reviewed
Summary: This letter describes the process used by GAO for revising GAGAS, summarizes the proposed major changes, discusses proposed effective dates, and provides instructions for submitting comments on the proposed standards.
World Bank, Accounting and Auditing Reports on the Observance of Standards and Codes (A&A ROSC) resource Guides OCEG Reviewed
As part of the Accounting and Auditing Reports on the Observance of Standards and Codes (A&A ROSC) initiative, the World Bank has established a program to assist its member countries in implementing international accounting and auditing standards for strengthening the financial reporting regime.
SEC Proposes Ways to Strengthen Audits and Reporting of Broker-Dealers to Protect Customer Assets (June 2011) resource Articles OCEG Reviewed
SEC Press Release and Fact Sheet: The Securities and Exchange Commission unanimously proposed amendments to the broker-dealer financial reporting rule in order to strengthen the audits of broker-dealers as well as the SEC’s oversight of the way broker-dealers handle their customers’ securities and cash.
Internal Audit Leads the Way to Performance Improvement (April 2011) resource White Papers OCEG Reviewed
A White Paper by Patrick D. Warren, James Hannan, and Craig P. Youngberg.
The goal of improvement audits is not only to root out inefficient processes and procedures but also to recommend ways to improve business practices and performance. This white paper addresses internal audit’s role in improving business performance over the next decade.
Published by Crowe Horwath.
Data Analytics Survey (2011) resource White Papers OCEG Reviewed
Free registration required.
Treasury Board of Canada Secretariat Internal Audit Web Site resource Agency Web Sites OCEG Reviewed
Internal audit is a professional appraisal function that operates independently of line management, providing an objective assessment of practices and activities and contributing to accountability and transparency. Internal audit provides deputy heads with assurance as to the design and operation of the governance, risk management, and control processes in their organizations.
