Latest blog posts

  • Internal audit’s central role in the future of corporate reporting

    28/7/2016

    Internal audit has a central role to play in the future of corporate reporting as an adviser on, and a builder and consolidator of the reporting process itself, according to the ECIIA’s response to a consultation on the issue by the Federation of European Accountants (FEE). “Internal audit...

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  • Meeting the challenge of tax reporting

    12/7/2016

    Internal auditors can provide boards with help and assurance that the European Union’s new rules on tax reporting have been properly implemented in their enterprises, according to speakers at a recent co-hosted ECIIA event at the European Parliament on the issue. “As the third line of defence in...

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  • Audit committees must balance independence with competence

    06/7/2016

    Audit committees must balance their ability to be independent with the right level of competence if they are to effectively challenge management, according to attendees at a recent event organised by European Confederation of Directors Associations (Ecoda) and Pwc. “Too much independence for audit committee members could come...

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

    29/6/2016

    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

    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

    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

    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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