As 2014 draws to a close, I am reflecting on the events that will have a lasting effect on our profession. Each year, various news reports hold clues about emerging risks and future trends in internal auditing. This year, five headlines in particular stand out because they mark events that could change our path forward for the foreseeable future.
So, here is my list of the five headlines from 2014 that are most likely to shape the future of internal auditing. Each of these stories holds important lessons for us all.
1. Revenue Recognition Poised to be the “Next Big Thing” for Internal Auditors
As I pointed out in a recent blog post, changes to rules regarding revenue recognition — “Revenue from Contracts with Customers” — will soon replace more than 200 pronouncements from both the U.S.…