"[F]oresight isn't about simply making predictions," writes IIA President and CEO Richard Chambers. "It's about helping our organizations prepare for the future." In his latest blog, Chambers shares a five-step plan for providing greater foresight to organizational stakeholders.
Implementing the Financial Accounting Standards Board's new lease accounting standard will be a challenge for many public- and private-company preparers. Here are some things to keep in mind during implementation.
The Internal Revenue Service allows executors of estates to elect portability of a deceased spouse's unused estate exclusion late using a special procedure, replacing the previous requirement to request a private letter ruling to make a late election.
The AICPA Auditing Standards Board has issued a statement of position that provides guidance for performing agreed-upon procedures attestation engagements related to third-party due diligence services performed in connection with rated asset-backed securities.
Regular communication among internal audit and all parties involved in an audit is key to successful compliance, experts say. Important steps include having a protocol in place for such interactions and starting dialogue during the early stages, they say.
Internal auditors should consider eight key areas as they address risk in 2018, Norman Marks writes. Those include focusing on audits of "risks that matter," staying agile to respond to changing risks and maintaining the confidence of management, he writes.
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