Audit - News in brief.
Liz Sandwith, newly-appointed president of the Institute of Internal Auditors, is urging companies to prioritise internal audit. Sandwith has called for the service to be ‘focused, comprehensive and to operate at the heart of the organisation’. This, she says, can only be achieved by the audit committee, the board and the head of internal audit agreeing on a clear goal. Sandwith said: ‘Post Turnbull there is a need to take stock and ensure internal audit hasn’t lost sight of its fundamental precept – to provide an assurance to the audit committee and the board on the adequacy of internal controls.’
For details, go to www.iia.org.uk
– Disclosure levels at global accountancy firms are coming under increased scrutiny following the terrorist strikes on the US. The US government is asking firms to disclose confidential information on clients based in tax havens. If the firms fail to cooperate they face serious charges.
Accountancy firms look after thousands of offshore trusts and audit thousands of offshore companies likely to hold vital information on suspect entities, a US treasury official has said.
To get the latest on the UK fight against terrorism go to www.accountancyage.com/ Business/1125617.