Internal Audit

CySEC: findings on Compliance Officer’s and Internal Audit’s reports 2019

2019-03-28T18:23:11+02:0028/03/2019|Internal Audit, Regulatory News|

CySEC: findings on Compliance Officer’s and Internal Audit’s reports CySEC issued today its findings on the Compliance Officer's and Internal Audit's reports in relation to money-laundering and terrorist financing for 2017 and the respective Board of Directors minutes submitted in 2018. Compared to the 2018, CySEC found an overall improvement to the content of these reports. Summary of CySEC findings on the Compliance Officer's and Internal Audit's reports: Insufficient analysis of the specific [...]

Hot Topics for 2019 Internal Audit Plan

2018-09-27T11:25:50+03:0027/09/2018|Internal Audit, Resources|

Hot topics for internal auditors: the 2019 report from the IIA Risk in Focus puts a spotlight on priority risk areas that organisations face as they look ahead to next year. It reveals how heads of internal audit across Europe view today’s risk landscape. Key findings Download the complete report The single biggest risks that chief audit executives believe their organisation faces as they prepare their audit plans for 2019 are cyber security, compliance, [...]

Internal Audit and GDPR

2018-04-13T13:06:04+03:0013/04/2018|Internal Audit, Resources|

The General Data Protection Regulation (GDPR) has been on many organisations’ corporate minds, and rightly so, for some time. However, with the regulation coming into force on 25 May 2018, awareness must now become action – and internal audit should be involved at all levels, to help management better understand and mitigate the related risks. From DPA to GDPR The European Parliament passed GDPR on 27 April 2016 through European Directive 2016/679 ‘on [...]

Internal Audit in the age of Disruption

2018-02-21T10:51:00+02:0020/02/2018|Internal Audit, Resources|

A great report highlighting disruption as a great challenge for internal audit executives ("IAE")  today. To achieve an effective internal audit function, it is vital for IAE to recognise what’s coming and providing insight to the organization on how to harness that disruptive power.Although, this should be nothing new for internal audit, there are many cases in todays world that IAE take a more conformance approach , instead of taking a more proactive [...]

The CFD market as seen through ESMA’s announcement and the FCA’s letter

2018-02-20T18:18:36+02:0018/01/2018|Internal Audit, Regulatory News|

A considerable number of  CIFs (Cyprus Investments Firms) - more than 50% -  offer CFDs (Contracts for Differences) to their retail and professional clients. Due to their complexity and higher risk, CIFs offering CFDs are required to have adequate procedures to ensure their clients' interests are maintained and treated fairly.An area of regulatory focusThe provision of CFD instrument to retail clients is a key area of focus for regulators. In particular, the European [...]

Risk Based Internal Auditing

2018-02-20T18:19:05+02:0014/12/2017|Internal Audit, Resources|

Risk Based Internal Auditing as defined by the Charted Institute of Internal AuditorsBackgroundOver the last few years, the need to manage risks has become recognised as an essential part of good corporate governance practice. This has put organisations under increasing pressure to identify all the business risks they face and to explain how they manage them.In fact, the activities involved in managing risks have been recognised as playing a central and essential role [...]

Hot Topics for 2018 Internal Audit Plan

2018-02-20T18:20:13+02:0023/10/2017|Internal Audit, Resources|

European Report: Risk in Focus Hot Topics for Internal Audit 2018Risks are undoubtedly changing for all organisation, with each organisation having its own risk appetite. Irrespective of how rigid or fixed audit plans are, these are subject to change as new risks emerge at the operational, strategic and wider environmental level. Six European IIA affiliates have jointly prepared and published the "Hot Topics for Internal Audit 2018" report which explores key themes requiring the attention [...]

Cyber security and information risk guidance for Audit Committees

2018-02-20T18:20:34+02:0016/10/2017|Internal Audit, Resources|

"Cyber security is the activity required to protect an organisation’s computers, networks, programmes and data from unintended or unauthorised access, change or destruction via the internet or other communications systems or technologies. Effective cyber security relies on people and management processes, as well as technical controls.Government guidance makes it clear that cyber security is now an area of management activity that audit committees should scrutinise. Together with the rapidly changing nature of the [...]