"The vast majority of internal audit engagements are positive and constructive," writes IIA President and CEO Richard Chambers. "Yet, try as they might, internal auditors will sometimes find themselves on the receiving end of management's wrath." Chambers offers a few recommendations for how internal auditors can work to diffuse management's rancor.
In a case of first impression, the Tax Court has held a captive insurance company did not adequately distribute risk or sell insurance in the commonly accepted sense. As a result, its Section 831(b) election to be taxed as a small insurance company was invalid.
Summarizing work history can be difficult because you need to encapsulate years of accomplishments in a few sentences. Asking co-workers about your impact and your best personality traits is a good way to start.
Assessments of a company's culture and controls are essential components of a meaningful program for auditing compliance, Michael Volkov writes. Internal audit and the chief compliance officer can work together to implement testing protocols as part of a transparent audit process, Volkov writes.
The Department of Homeland Security's recent raids of 100 7-Eleven stores illustrate the importance of staying compliant with Form I-9 requirements to ascertain employees' authorization to work in the US, lawyer Montserrat Miller writes. "Keys to ensuring compliance with the Form I-9 requirements include internal audits, training, preparation and having a plan in place," Miller writes.
General Electric CEO John Flannery is considering breaking up the company, via spinoffs or otherwise, in light of more than $11 billion in charges related to an insurance portfolio and the new tax law. Cowen analysts say GE's separate businesses are worth at most $15 per share, which could make a breakup financially unfeasible.
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