The Bulletin

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The Bulletin
Volume
7
Issue
12
12/2021
In prior years, there have been unique enterprise, process and technology risk issues and financial reporting issues for audit committees to consider in addition to the normal ongoing activities articulated within the committee’s charter. These exciting, unprecedented times continue to evolve the committee’s agenda. We discuss the agenda items for 2022 in this issue of The Bulletin and also offer questions for audit committees to consider when self-assessing their performance. In formulating these topics, we considered input from our interactions with client audit committees and insights from...
Volume
7
Issue
11
09/2021
Ransomware attacks have been around for many years. In the past, cyber-threat actors would penetrate a company’s computer and network systems and obtain data with the objective of returning it upon payment. The demanded payments were usually smaller than the ransoms requested in recent incidents. Most of these incidents weren’t financially material, nor were they reported publicly. By contrast, today’s ransomware perpetrators execute well-orchestrated attacks accompanied by more significant financial demands. These incidents don’t focus on simple “theft” of data; instead, their intent is to...
Volume
7
Issue
10
06/2021
The world of work was changing well before the pandemic. Technology is significantly affecting work, jobs, wages and society at large — and will continue to do so for the foreseeable future. It is impacting how companies design and manage a diverse talent, workforce and technological ecosystem that includes on-demand resources (contractors, part-time and “gig economy” workers) and “digital labor” (technology performing work in lieu of humans) in addition to permanent employees. Accordingly, organisations across the world face the challenge of upskilling and reskilling countless millions of...
12/2020
How has the audit committee agenda changed? With 2020 almost in the rear view mirror (thankfully!), the 2021 audit committee agenda is shaping up differently than in years past. The past 12 months presented an opportunity for audit committees to support the key players managing the financial reporting process. Going forward, that support could prove to be critically important as the business environment continues to present disruptive challenges. Board members should not be surprised by anything 2021 has to offer. The key is ensuring the companies they serve are resilient and agile enough...
Volume
7
Issue
8
05/2020
Customer and Consumer Engagement | Workplace Redesign | Supply Chain Rethink | Digital Urgency | Real Estate Configuration | Changing and Emerging Business Opportunities and Risks | Climate Change and Sustainability | A Trust-Based Culture | Summary  This issue of The Bulletin is the second of our two-part discussion of the challenge in finding equilibrium in these uncertain times. In Part 1, we discussed the attributes and actions needed to find equilibrium in the likely phased transition from the coronavirus disease 2019 (COVID-19) lockdown.[1] Given that a period of ongoing change will...
Volume
7
Issue
7
05/2020
Introduction   |   Chasing a Moving Target   |   A Fluid Current State   |   Focus on Leadership and Culture: Emphasising One Mission   |   Facilitate Employee Engagement: Making Symbiotic Times Possible   |   Apply Scenario Analysis: Planning for the Unexpected   |   Develop Your Ecosystem: Building a Community of Resources   |   Think Disruptive Innovation: Committing to What’s Possible and Practical   |   Summary For those who have read just about everything concerning coronavirus disease 2019 (COVID-19) within their capacity and attention span to absorb, the lethal message is clear:...
Volume
7
Issue
6
03/2020
For several years, Protiviti has described the “future auditor” as a chief audit executive (CAE) who takes definitive steps toward making The Institute of Internal Auditors’ vision of “an independent, objective assurance and consulting activity that adds value and improves an organisation’s operations” a reality. Several issues of The Bulletin have been devoted to describing various aspects of the future auditor’s journey.[1] The future is fast arriving with digital technologies unleashing a tsunami of opportunity and disruption that no one can ignore, particularly internal audit. As...
Volume
7
Issue
5
12/2019
The demands on boards of directors are as significant as they have ever been. Each committee of the board faces its own challenges, too, and the audit committee is no exception. With new accounting standards coming online, an increasingly active Public Company Accounting Oversight Board (PCAOB) inspections agenda, the relevance of the traditional accounting and reporting model under fire, and continued uncertainty in the geopolitical, business and regulatory environment, audit committees indeed have their hands full. As in prior years, we have identified several agenda items for audit...
Volume
7
Issue
12
12/2019
(Offered in Conjunction With Protiviti’s The Bulletin, “Setting the 2022 Audit Committee Agenda”[1]) As they self-assesses their performance periodically, audit committees may find useful the illustrative questions we have made available in our Assessment Questions for Audit Committees to Consider. Committee members should periodically assess the committee’s composition, charter and agenda focus in view of the company’s industry, circumstances, risks, financial reporting issues and current challenges it may be facing. In Assessment Questions for Audit Committees to Consider, we cover the...
Volume
7
Issue
4
10/2019
What is the true purpose of the corporation? Does it exist principally to serve the interests of shareholders? Or is its purview more broadly to address the interests of other stakeholders affected by its activities? Should business performance focus solely on financial results and maximisation of profits? Or should it also focus on other dimensions, such as environmental and social impacts in addition to financial results — the so-called “triple bottom line”?  This debate has raged ad nauseam for decades. Largely framed by the economist Milton Friedman, the prevailing notion in the United...