Audit - IT disasters tackled.

– The Institute of Internal Auditors has published new guidance on IT disaster recovery intended as a blueprint for action when catastrophe strikes.

David Bentley who led the IIA’s IT committee in developing the guidance, highlighted pre-emptive planning, focus on all systems and leadership as crucial in times of emergency.

Bentley said: ‘The frenetic pace of commerce, the need for round-the-clock, global accessibility and the growing expectations of the marketplace mean that organisations must address – and readdress – the possibility of disaster before it strikes. The role of internal auditors and risk managers in creating the right control culture to ensure business continuity is pivotal. This guidance gives them a blueprint for action.’

– The International Federation of Accountants is looking for a senior technical manager to develop its global self-regulatory framework.

The new position will assist the director of transatlantic audits and the transatlantic audit committee, the executive committee of the Forum of Firms to set up and implement its working procedures.

FoF comprises all firms carrying out audits that are or maybe used in cross border listings. Member firms must agree to undergo independent quality reviews.

Details can be found at www.ifac.org

– Auditors are expected to receive pointers to help them pick up irregular accounting policies at the end of the month. The Auditing Practices Board is still working on the guidance on ‘aggressive earnings management’, of manipulation of accounts. Jon Grant, technical director at the APB, said that the guidance is on the agenda for the next board meeting and should be out shortly.

The move is hoped to prepare auditors for the imminent downturn in the economy that is widely expected to lead to increased pressures on company directors to hit targets. This in turn could lead to a manipulation of figures.