Survival Tactics for Internal Audit in a Struggling Economy
By Anne Slattery, CPA, CIA
It's no secret that we are in the midst of a struggling economy. Networking events that were once filled with upbeat conversations about opportunity and growth are now filled with talk of workforce reductions and impending bankruptcies. The effects of an economic downturn are eventually felt across all industries and in all areas of organizations, including Internal Audit ("IA"). One challenge that IA groups face during a downturn is an increasing pressure to prove their worth within their organizations.
When asked to consider the various terms used to describe IA groups inside the companies in which I have worked, the following come to mind: cost center, support group, non-core function. Let's face it, none of these titles do a great job of selling the important role that IA plays inside an organization. It is up to us to adapt our role to the changing risk environment and find creative ways of demonstrating our value to the organization. The following four concepts should help you promote your current audit plan in a more constructive way or provide you with new ideas to incorporate into your plan that directly help organizations when money is tight.
Everyone is glued to some kind of socia
l media if not all forms of social media these days. People cannot look away from their screens and every aspect of their life is posted for the whole world to see. This behavior is why it is not surprising that hackers are beginning to attack major websites to obtain users' credentials and personal information. These attacks can affect everyone including the NFL (whose Twitter account was hacked and used to post that the Commissioner, Roger Goodell, had died) and Facebook CEO, Mark Zuckerberg (whose passwords to Twitter and Pinterest were obtained through the LinkedIn data breach).
SEC Proposes Amendment to "Smaller Reporting Company" Definition
By Daniel Pitts
The Securities and Exchange Commission (SEC) recently voted to propose amendments that would reduce compliance costs and promote capital formation for small registrants while maintaining investor protections. The proposals would update the "smaller reporting company" definition by increasing the financial thresholds to qualify as a smaller reporting company as defined in Regulation S-K. These proposals address several recommendations made by the Advisory Committee on Small and Emerging Companies (ACSEC) and the SEC Government Business Forum on Small Business Capital Formation including comments from small registrants and others. The Fixing America's Surface Transportation (FAST) Act of 2015 requires the SEC to revise Regulation S-K to further reduce reporting requirements or eliminate disclosure requirements for smaller registrants, including smaller reporting companies. Increasing the financial thresholds of the smaller reporting company definition is responsive to the act.
Stephanie Braislin Brandt Named to
Dallas Business Journal's 40 Under 40 List
Whitley Penn is pleased to announce that Stephanie Braislin Brandt, CPA, CIA, CISA and Director of Risk Advisory Services, has been named to the Dallas Business Journal's 40 under 40 List.
Brandt has more than 10 years of public accounting experience providing a full range of audit and consulting services to both public and private clients in a wide variety of industries.
Brandt joined Whitley Penn after graduating from Texas Tech University with a B.B.A and an M.S. degree in Accounting. She currently serves on the Sponsorship Committee for the Dallas CPA Society, Academic Relations Committee for the Institute of Internal Auditors (IIA), Board of Directors for the Dallas Regional Chamber Young Professionals, and the Finance Committee for the Junior League of Dallas. Brandt is a recipient of the 2012 Dallas Furniture Bank 40 Under 40 Award and the 2014 Texas Society of CPAs Rising Stars Award.
Recent Firm News
Whitley Penn Named Second Largest Tarrant County Accounting Firm by
