Expectations for internal audit are high, over 50% of stakeholders feel that internal audit are contributing significant value. To continue becoming trusted advisors, internal audit must promote strong internal audit leadership. Five key qualities are displayed in those who lead a successful internal audit department. Read the full article here.

Detectives are investigating possible fraud within the police department. The accounts in question are held by the constable’s central committee. Previous allegations include bullying and a secret multi million pound bank accounts. Read the full article here.

A recent IIA report highlighted than only 29% of senior internal audit managers are confident making data driven decisions. Data mining and analytic tools are extremely important to the audit department’s ability to perform its responsibilities, according to 37% of survey respondents. However, sophistication of data analytic tools and the collection and use of data…

Sweett Group ordered to pay £2.25 million for breaking compliance regulations surrounding the Bribery Act. The only defence to companies under section 7 of the Bribery Act is to prove that they have adequate procedures in place to prevent misconduct taking place. Read the full article here.

Reputational risk, cyber security and regulatory compliance are the top three concerns amongst board members, however, there is a gap between the risks that board members acknowledge and the actions that are taken by management. The IIA has emphasised that corporate culture is another risk to organisations. Read the full article here.

Cyber security has been increasingly included in internal audit plans. When establishing and maintaining an effective cyber security plan, there are two critical success factors – a high level of engagement from the board of directors in identifying risk, including the evaluation of cyber risk in the current audit plan. There are 5 recommended priorities…

Big data analytics will soon be available to smaller audit firms, reducing the time spent on audit tests. Audit software capabilities are starting to take big data concepts into an audit market, even in a small company, and change the role of the audit department. Read the full article here

Organisations that have an EQA performed are given recommendations to improve efficiency and internal audit practice. For organisations that had the EQA performed, overall they conformed to standards, However, there are non-conformance trends in specific standards. Read the top 10 here.

It’s the time of year for tax returns, but are you following these ten steps to reduce the likelihood of facing an audit? Being meticulous and thorough can pay dividends when delivering tax statements to the government. Read the full article here.