With the rising cost of audit fees, companies need to find ways to cut costs. We recently had the opportunity to interview Leena Roselli, Senior Manager of Research at Financial Executives Research Foundation (FERF). And these are some of the findings she shared with us from their most recent comprehensive study.
The Sarbanes Oxley Act of 2002 called for major regulations that shifted the way companies did business and how auditors audited. This was a key driver in raising the cost of audit fees. In fact, FERF began analyzing these compliance costs, and found that they were embedded into a company’s overall audit fees. ..
Business Ethics always seems to be a hot topic. Where does one draw the line between right and wrong? Are corporations bending the rules to achieve greater profits? Internal Auditors have an obligation to detect fraud, but may not always have the best tools or support. Bruce Anderson, Chief Ethics Officer at Health Net gave us objective measures and insights on how to predict compliance risk surrounding ethics policy. Some highlights of our interview provided us with the top 4 areas where companies should focus their efforts when creating a world class ethics program. ..
What are some of the risks involved in engaging third party providers? Are you really saving money by engaging them? I recently had the opportunity to interview the Global Director of Internal Audit at Quiksilver, Nicole Ungaro. Here are some insights on the top 5 audit failures when reviewing and auditing your third party providers: ..