Joseph McCafferty

Boston, Massachusetts

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internalaudit360.com

Articles

Four Strategic Ways AI Can Strengthen Your AML Program

2 months ago | internalaudit360.com | David Caruso |Joseph McCafferty

Money laundering facilitates crime, threatens our national security, distorts markets, and has a devastating economic and social impact on citizens, according to the U.S. Department of the Treasury. Financial institutions are required to do their part to combat these threats. The Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, requires financial institutions to accurately and promptly report suspicious activities under the Bank Secrecy Act.
Survey: Internal Audit Being Asked to Take on More Risk-Related Tasks

Aug 15, 2024 | internalaudit360.com | Joseph McCafferty

A new survey finds that boards and CFOs are asking internal audit to take on more risk related work. The study revealed that these expanding expectations are coming at a time when internal audit has limited bandwidth for advisory-related services — and increasing risk demand and insufficient risk management capacity are creating a risk coverage gap for companies.
Basing Internal Audit Plans on the Audit Universe vs. the Risk Universe

Aug 15, 2024 | internalaudit360.com | Norman Marks |Joseph McCafferty

GUEST BLOG POST There’s such a huge difference between basing the continuously updated audit plan on an “audit universe” (essentially a comprehensive list of all the potential audit activities that an internal audit function might undertake) and from using a “risk universe” (a comprehensive list of all potential risks that could affect an organization) that I want to spend some time explaining it.
The IIA Names Terry Grafenstine as New Chair of Its Global Board

Jul 18, 2024 | internalaudit360.com | Joseph McCafferty

The Institute of Internal Auditors has announced that Terry Grafenstine will serve as the new Chair of its global board of directors for the next two years. The IIA announced the news following its annual business meeting and 2024 International Conference, held in Washington, DC this week.
Why Do We Write Audit Reports? Are They Necessary?

Jun 20, 2024 | internalaudit360.com | Norman Marks |Joseph McCafferty

GUEST BLOG POST I apologize in advance to all my friends who make a living (at least in part) by helping people write what they believe are “effective” internal audit reports. But every so often, we should challenge everything we do. So today, I am focusing on internal audit reports. The question I pose is: Are internal reports always necessary? After all, does the general counsel write a report after every review they perform of a contract?
How a Holistic Approach to Internal Audit Can Help Find Fraud

May 23, 2024 | internalaudit360.com | Joseph McCafferty

Taking a holistic view in internal audit means understanding the entirety of a process from start to finish, including its various interconnections and implications. This approach involves thoroughly comprehending the activities involved, the individuals responsible, and the broader impact on the organization. By mapping out the complete beginning-to-end cycle of a process, auditors gain insights into potential vulnerabilities and opportunities for fraud.
Report: Changing Risks Will Require Shift in Internal Audit Hiring

May 7, 2024 | internalaudit360.com | Joseph McCafferty

Recruitment and hiring strategies for internal audit must evolve to ensure the profession keeps pace with a changing risk environment, according to the results of a new report ‘Fueling the Internal Audit Student Talent Pipeline: Perspectives from Educators and Practitioners’ published by the Internal Audit Foundation.
PCAOB Fines Audit Firm Haynie and Partners $590K for Audit Failures

Feb 1, 2024 | internalaudit360.com | Joseph McCafferty

The Public Company Accounting Oversight Board (PCAOB) has imposed fines and penalties on top 100 audit firm Haynie & Co. and several of its partners of more than $590,000 for audit failures and violations of PCAOB’s rules and standards.
IIA Awards More than $100K in Grants and Scholarships

Jan 30, 2024 | internalaudit360.com | Joseph McCafferty

The Institute of Internal Auditors announced this week that it is awarding more than $100,000 in individual and university grants, and relaunching its Sawyer Scholarship. “The growth and advancement of the internal audit profession relies on innovative research and a strong pipeline of talent entering the profession,” said Warren Stippich, president of the IIA’s Internal Audit Foundation, which oversees the programs.
The IIA Releases New Global Internal Audit Standards

Jan 18, 2024 | internalaudit360.com | Joseph McCafferty

The Institute of Internal Auditors has released a long-awaited update to its Global Internal Audit Standards, which provide a set of principles to guide internal auditors in the course of their work. The new standards impact businesses of all sizes, industries, and geographic regions. The IIA says they were designed to help internal auditors and their organizations respond better to today’s complex and rapidly changing business environment.