Audit updates: January 2014

Technical and regulatory updates, Unilever and M&S audits, Europeans delay on audit reform

Audit committees under Competition Commission rules

Internal audit

IIA warning on risk management

Almost half of large private sector organisations still do not have effective mechanisms in place to manage risk, suggests a survey of heads of internal audit conducted by the Chartered Institute of Internal Auditors (IIA).

Some 45% of internal auditors rated their organisation's awareness of risks to the business and the effectiveness of the processes to manage them as 'in the early stages', 'in development' or even 'non-existent'.

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