Latest blog posts

  • EU’s non-audit “blacklist” services include internal audit

    29/6/2016 NEW

    Internal audit is now officially on a “blacklist” of services that accountancy firms are forbidden from providing to their statutory audit clients. The EU’s revised Statutory Audit Directive and its Regulation include measures aimed at strengthening auditor independence, compulsory auditor rotation, a broader role for the audit committee and...

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  • Jury still out on EU regulatory reforms

    16/6/2016 NEW

    The combined effectiveness of the various regulatory reforms made in the financial sector following the crisis of 2007-8 are unknown, according to respondents to the EU’s recent review of the issue. Some attendees at a meeting in May, following the EU’s Call for Evidence on EU regulatory framework...

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  • Starting gun fired for EU data regulation compliance

    25/5/2016 NEW

    The European Union has published the final draft of its long-awaited Directive on General Data Protection and the General Data Protection Regulation (GPDR) that enforces it –  giving internal auditors two years to help organisations prepare. “The publication of these documents is the starting gun for companies to...

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  • More communication needed between internal audit and regulators

    06/5/2016 NEW

    Regulators should require regular, structured and ongoing dialogue between the competent authorities supervising insurers and the internal auditors working in them, the ECIIA has said in response to recent consultation by EIOPA (European Insurance and Occupational Pensions Authority). That is because internal audit is well-placed to provide an...

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  • Three lines of defence model crucial to success of non-financial reporting

    22/4/2016

    Internal audit can contribute most effectively to the successful implementation of the European Commission’s (EC) directive on non-financial reporting in organisations that have adopted the three lines of defence model of corporate governance, the ECIIA has told the EC. Independent internal audit departments can help organisations transform their...

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  • Internal auditors to create value from non-financial reporting directive

    21/4/2016

    Internal auditors can help companies obtain a holistic and accurate view of their activities by helping to properly implement the European Commission’s new non-financial reporting Directive, said ECIIA Vice President Farid Aractingi at a recent conference organised by ECIIA, ACCA and Ecoda. “Internal auditors partner with external assurance...

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  • Governance gap in Europe’s cyber laws

    22/3/2016

    Europe’s current legislation on cybersecurity does not include robust corporate governance processes to help businesses manage cyber risks across their operations, ECIIA says. ECIIA calls on the European Commission (EC) to develop legislation and guidance frameworks to promote integrated, cross-departmental approaches to manage cyber risks, in its response...

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  • ECIIA conference 2016 – early bird discount

    15/2/2016

    Secure your place and an early bird discount a ECIIA’s European Conference on Governance, Risk and Control 2016 – Navigating in rough waters. The conference will take place between 6th and 7th October 2016 at Stockholm’s Waterfront Congress Centre. There will be 4 plenary sessions and over 50...

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  • EBA clarifies internal audit’s position as third line of defence

    10/2/2016

    The European Banking Authority (EBA) has adopted important clarifications suggested by ECIIA over the role and position of internal audit in the governance structure of companies looking to adopt sound remuneration policies. In particular, EBA has said in the final draft of its Guidelines on sound remuneration policies...

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  • Internal auditors should be included in communication between auditors and supervisors

    28/1/2016

    Internal auditors should be included in the communication process over the scope of work to be undertaken by the statutory auditors and supervisors of credit institutions, the ECIIA has told the European Banking Authority. In a written response to the EBA’s consultation on how auditors and supervisors could...

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