Unilever put its audit contract out to tender in July last year for the first time in a decade and despite indicating at the time that it would not be receptive to higher charges, still decided to stick with the firm that has audited the company’s accounts since 1987.
Unilever did not comment on tendered charges for comparative work from other firms but said it expects the overall fees will fall as it completes the integration of various acquisitions and the workload reduces.
The Institute of Internal Auditors has published a professional issues bulletin offering advice on how to best obtain assurance on risk management and internal control. Entitled ‘Independence and Objectivity – The New Challenge for Internal Auditors?’, the bulletin offers advice on how best an internal auditor can maintain high levels of independence and objectivity and avoid being compromised.
Jiwan Shourie, IIA technical manager, said: ‘Internal auditors may find issues affecting independence and objectivity are a matter of degree, or depend on circumstances. They must use sound judgement to avoid situations where their objectivity and independence could be impaired.’
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If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned