Media Releases

Audit Committee Chairs condemn management meddling in internal audit ( , 130 KB )

29-Mar-12 | Media Release | Protiviti & IIA-Australia | Access: Public

Audit Committee Chairs concede that management interference in the work of internal auditors is a ‘top of mind’ threat to good governance, but while Chairs are responsible for keeping the problem in check, they say internal auditors too must ‘step up’ and develop the clout to put management back in their place.

AML internal auditors urged to lift their game ( , 27 KB )

23-Feb-11 | Media Release | IIA - Australia | Access: Public

Internal auditors must boost the rigour of their audits of anti-money laundering compliance to successfully protect their organisations’ reputations and progress the fight against financial crime, says the Institute of Internal Auditors, Australia (IIA). “Internal auditors should be capable of performing a comprehensive, independent annual review of whether their company has a sound framework for managing its money laundering and terrorist financing (AML/TF) risks,” said Mr Joe Garbutt, IIA’s director policy.

ASX must call for a mandatory internal audit function ( , 135 KB )

14-Feb-11 | Media Release | IIA - Australia | Access: Public

The ASX Corporate Governance Council will next week commence a review of the ASX Corporate Governance Principles and Recommendations – the definitive ‘bible’ of corporate governance best practice in Australia’s. With the widespread risk management failures of the financial crisis fresh in the minds of Corporate Australia not to mention the legions of investors who lost their life savings, it is incumbent on the ASX Council to seize this unique opportunity to strengthen the Principles and Recommendations.

Sky-high UK fines sound risk management alarm bells for Australia’s global corporates ( , 37 KB )

10-Nov-10 | Media Release | IIA - Australia | Access: Public

A recent spate of major fines imposed by the UK Financial Services Authority (FSA) on global financial firms including Goldman Sachs and Zurich Insurance for failing to adequately coordinate their cross-border risk management, should send a wake-up call for Australia’s global corporations to ensure their assurance processes are in order, says the Institute of Internal Auditors, Australia (IIA).

Aussie business ignoring broke creditors ( , 37 KB )

02-Sep-10 | Media Release | IIA - Australia | Access: Public

Many Australian businesses are not protecting themselves against the risk their customers might go insolvent, according to a joint survey by the Institute of Internal Auditors – Australia (IIA) and credit insurer, Atradius.

Boards take control of assurance ( , 38 KB )

26-May-10 | Media Releases | IIA Australia | Access: Public

Audit Committees, particularly in the listed company sector, have increased their control over internal audit by removing reporting lines to management in a bid to improve the quality of assurance in the aftermath of the financial crisis, a joint survey conducted by Protiviti and the Institute of Internal Auditors, Australia (IIA), has revealed.

Risk management too important for the "If not why not regime" say internal auditors ( , 29 KB )

22-Feb-10 | Media Releases | IIA Australia | Access: Public

Risk management assurance must be removed from the ASX Corporate Governance Council's optional "if not why not" regime and elevated to the status of a mandatory ASX listing rule, said the Institute of Internal Auditors Australia (IIA) at the launch of the organisation's national Policy Agenda today.  According to IIA board director, Mr Gary Anderson, the global economic crisis had clearly exposed the dangers of excessive risk taking.

Global tool can fix lacklustre internal audit in Australian public service ( , 26 KB )

23-Nov-09 | Media Releases | IIA Australia | Access: Public

Internal audit practice in the Australian public sector is patchy and inconsistent across all three levels of government, says a Canadian expert. In Australia to launch the IIA'S™ Internal Audit Capability Model, which provides a practical road map for public sector internal auditors to implement and strengthen effective internal auditing in the interests of better governance and public accountability, lead researcher Ms Elizabeth MacRae observed that local government faced the greatest challenge in getting its governance settings right.

Road to recovery paved with risks ( , 37 KB )

14-Oct-09 | Media Releases | IIA Australia | Access: Public

Companies that do not ramp up their risk and control frameworks to match the surge in business from an improving economy could suffer major financial losses. "Down-sizing and cost-cutting during the economic slump has left holes in the risk  management structures of many Australian companies that could leave them exposed as business activity picks up", said Cathy Blunt, Vice President of the Institute of Internal Auditors (IIA).

Australians storm the board of global internal audit body ( , 104 KB )

28-Jul-09 | Media Releases | IIA Australia | Access: Public

The number of Australia representatives on the global board of the Institute of Internal Auditors (IIA) has hit a historic high following the election of two Australian directors in a move that recognises Australia's thought leadership and capacity to contribute to the profession.