I have provided below clips from the Internal Audit Foundation 2022 Premier Global Research paper pertaining to how internal audit primarily functions and reports from an overview perspective. This is a time of opportunity for internal audit to provide help and value to boards and board committees including audit and governance committees, management, and internal operations. One key is to identify, educate and connect internal audit with the people and functions within the organization that could benefit from internal audit’s involvement, and to also identify the areas, issues, tasks, and problems in which internal audit can help. Typical areas, issues, tasks or problems include compliance, internal controls and monitoring, fraud, cybersecurity, governance, investigations, environmental, ESG, workplace, FCPA, legal and compliance issues, and any number of issues that might become known during the independent audit including the areas in which the outside independent auditor is required to communicate with the audit committee or those in charge of governance including, for example, about CAMs and the new NOCLAR requirements, and the list goes on. On March 1, 2023, new proposed internal audit professional standards will be circulated for a period of comment – I have not yet seen the proposed new standards; however, it is my understanding that the standards are being modernized and presented in a more unified, simplified manner.
Below are the clips from the Internal Audit Foundation 2022 Premier Global Research paper pertaining to how internal audit primarily functions and reports from an overview perspective – however, as we move through 2023 and thereafter I do expect that future surveys will show changes, increased utilization, and increasing opportunities.
Thank you for reading. Please do pass this blog and blog post and information to other people who would be interested as it is only through collaboration and sharing that great things and success are more quickly achieved.
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Best to you,
David Tate, Esq. (and inactive CPA)
- Business litigation and disputes – business, breach of contract/commercial, co-owners, shareholders, investors, founders, workplace and employment, environmental, D&O, governance, boards and committees.
- Trust, estate and probate court litigation and disputes – trust, estate, probate, elder and dependent abuse, conservatorship, POA, real property, mental health and care, mental capacity, undue influence, conflicts of interest, and contentious administrations.
- Governance, boards, audit and governance committees, investigations, auditing, ESG, etc.
- Mediator and facilitating dispute resolution:
- Trust, estate, probate, conservatorship, elder and dependent abuse, etc.
- Business, breach of contract/commercial, owner, shareholder, investor, etc.
- D&O, board, audit and governance committee, accountant and CPA related.
- Other: workplace and employment, environmental, trade secret.
Remember, every case and situation is different. It is important to obtain and evaluate all of the evidence that is available, and to apply that evidence to the applicable standards and laws. You do need to consult with an attorney and other professionals about your particular situation. This post is not a solicitation for legal or other services inside of or outside of California, and, of course, this post only is a summary of information that changes from time to time, and does not apply to any particular situation or to your specific situation. So . . . you cannot rely on this post for your situation or as legal or other professional advice or representation, or as or for my opinions and views on the subject matter.
Also note – sometimes I include links to or comments about materials from other organizations or people – if I do so, it is because I believe that the materials are worthwhile reading or viewing; however, that doesn’t mean that I don’t or might not have a different view about some or even all of the subject matter or materials, or that I necessarily agree with, or agree with everything about or relating to, that organization or person, or those materials or the subject matter.
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My two blogs are:
http://tateattorney.com – business, D&O, audit committee, governance, compliance, etc. – previously at http://auditcommitteeupdate.com
Trust, estate, conservatorship, elder and elder abuse, etc. litigation and contentious administrations http://californiaestatetrust.com
David Tate, Esq. (and inactive California CPA) – practicing only as an attorney in California.