Auditors crank up cyber security risk warning
Cyber security is the major challenge facing businesses, according to Europe's leading auditors. That's the message contained in the latest Risk in Focus report, published by the Chartered Institute of Auditors.
The research "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."
Now in its third year, Risk in Focus is a collaborative effort between seven European institutes of internal auditors in France, Germany, Italy, the Netherlands, Spain, Sweden and the UK and Ireland.
Key findings
- The single biggest risks that chief audit executives believe their organisation faces as they prepare their audit plans for 2019 are cyber security, compliance, digitalisation, regulatory change and political uncertainty.
- As the frequency of cyber attacks on supply chains and cloud-based software providers rises, there will be an increase in assurance required around organisations’ exposure to third-party cyber security risk.
- The two areas of compliance that internal audit most commonly expects to assess over the next 12 months are the GDPR and anti-bribery and corruption laws, which are being actively enforced and updated in a number of territories.
- Recent protectionism in global trade, in particular tariffs brought by the US administration, represents a risk to organisations’ revenue growth. Boards/audit committees and their internal audit functions may choose to keep a watching brief on these developments.
- There is a mismatch between where internal audit spends its time auditing and the perceived priority risks that organisations face. Therefore, boards/audit committees should re-evaluate whether internal audit is being used effectively to deliver risk-based assurance.
The full report can be downloaded here.
IRIS extends entry deadline for 2018 awards
There's still time to enter the IRIS Customer Awards. The deadline has been extended to 10 September.
Accountancy practices and professionals have 12 categories to pick from.
The awards are free to enter and recognise best practice across several areas, as accountancy firms evolve beyond compliance services to capitalise on new service opportunities in the digital economy.
Categories are:
- IRIS Firm of the Year (small, medium and large categories)
- Client Excellence Firm of the Year
- Advisory Firm of the Year
- Fastest Growing Firm of the Year
- Most Profitable Firm of the Year
- Best Use of Technology Firm of the Year
- Marketing Innovation Firm of the Year
- Bureau/Outsource Service of the Year
- Accountant of the Year
- Partner of the Year
- Practice Manager of the Year
- Graduate / Trainee of the Year
Full details of the categories and key dates are available on the IRIS Customer Awards website. This includes details on how to enter, as well as the entry forms for each category.
