There are many causes of the current financial turmoil. ACCA believes, however, that a failure in corporate governance is a major contributor to the credit crunch. Regulatory boxes may have been ticked but fundamental principles of good governance were breached. The charitable explanation for this failure is that those responsible did not understand the risks that were being taken.
More than 90 percent of internal audit leaders say their departments understand the risks associated with cybersecurity and a majority are providing some support to their organizations. However, few are comprehensively addressing the risks, according to new findings released by The Institute of Internal Auditors.