Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

Audit 52

Audit Risk Assessment AI Assessments 52

VISTA InfoSec

MAY 24, 2024

It helps assess and mitigate security risks systematically by identifying vulnerabilities and implementing controls to address them before they materialize. Assess the environment by identifying where and how cardholder data is stored, processed, or transmitted within your business operations. of PCI DSS. of PCI DSS. of PCI DSS.

PCI DSS 243

PCI DSS Small Business Assessments Compliance 243

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Innovative Payments Association

AUGUST 29, 2024

Conduct a Risk Assessment Before building a compliance program, businesses should conduct a thorough risk assessment to identify potential compliance risks. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. They should be equipped to challenge and assess new data, policies, or frameworks for compliance.

Compliance 52

Compliance Procedures Audit Risk Management 52

VISTA InfoSec

JANUARY 29, 2024

For systems that are typically not susceptible to malicious software, carry out regular assessments to detect and assess emerging malware threats. Conduct discussions with staff to ensure that they are monitoring and assessing emerging malware threats for systems that are generally not prone to malicious software. evaluations.

PCI DSS 130

PCI DSS Phishing Best Practices Procedures 130

Fintech Finance

NOVEMBER 18, 2024

Leading audit, tax and consulting firm RSM UK is encouraging payment providers and other interested parties to respond to the FCA consultation which closes on December 17 th. Specifically review procedures for fund identification, recording, reconciliation, and evaluate existing safeguarding methods and third-party arrangements.

Consulting 88

Consulting Payments Regulations Reconciliation 88

Neopay

MARCH 14, 2024

This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements. Risk assessments and due diligence of third parties should be reviewed regularly based on your safeguarding policy.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

VISTA InfoSec

JULY 31, 2023

After completing all the applicable requirements and steps mentioned in the PCI DSS checklist, businesses may engage a Qualified Security Assessor (QSA) to perform a formal assessment of their compliance with the PCI DSS. If any areas of non-compliance are identified during the assessment, the QSA will report their findings to the business.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act addressed several themes, including increasing oversight of the accounting profession with the Public Company Accounting Oversight Board (PCAOB), establishing new standards to preserve auditor independence, reconfiguring audit committees, and requiring enhanced financial statement disclosures.

Audit 52

Audit Compliance Assessments Procedures 52

VISTA InfoSec

OCTOBER 26, 2023

SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. The SOC framework includes multiple internal control audit reports. Now let’s examine the key differences between SOC and SOX audits. It applies to all U.S. SOX, a U.S.

Audit 130

Audit Compliance Laws Governance 130

Stax

DECEMBER 4, 2023

TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit 52

Audit Risk Assessment Assessments Procedures 52

VISTA InfoSec

FEBRUARY 13, 2024

Vulnerability assessments involve scanning systems for known weaknesses, while penetration testing (or pen testing) takes a more aggressive approach by simulating cyberattacks to evaluate the effectiveness of current security measures. They provide a structured approach to evaluate and enhance the effectiveness of cybersecurity measures.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

PYMNTS

MAY 16, 2018

SOC 2 was developed by the American Institute of Certified Public Accountants (also known as AICPA) and exists as an auditing process aimed at ensuring that service providers maintain and manage customer data in a safe manner. The onus is on the firm to produce proof that such procedures were followed.

Audit 46

Audit Procedures ISOs Security 46

Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Clearly Payments

NOVEMBER 13, 2024

Companies can analyze BIN data to track transaction patterns, better understand customer demographics, and assess risk in different regions or among various card types. This information helps payment processors and merchants verify transactions, assess risk, and streamline payment workflows for secure and reliable transactions.

Process 76

Process Processors Payments Compliance 76

PYMNTS

MAY 12, 2017

million — a record for the watchdog, reports said — for misconduct during its audit of Connaught. Reports Thursday (May 11) said the Financial Reporting Council slapped PwC with the fine and issued a separate fine to retired PwC audit partner Stephen Harrison for his role in the 2009 audit. regulator has fined PwC $6.5

Audit 40

Audit Procedures Assessments Regulations 40

VISTA InfoSec

SEPTEMBER 28, 2023

Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. Conduct the Data Protection Impact Assessment (DPIA) and Audits: The Significant Data Fiduciary is responsible for implementing the following measures: (Clause 10 (2) (c), DPDP Act).

Privacy 130

Privacy Audit Data Breach Breach 130

Neopay

JANUARY 2, 2024

Why are internal controls, such as policies and procedures, critical for organisations in ensuring compliance with financial regulations? Policies and procedures form a key part of effective governance within any firm. Neopay typically engages with the firms to acquire key documentation, such as policies and procedures.

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59

VISTA InfoSec

FEBRUARY 16, 2024

The requirement mandates that software development procedures must be documented and examined to ensure that all security considerations are integrated into every stage of the development process. Verification involved examining software-development procedures and interviewing personnel. . The updated requirement of PCI DSS v4.0

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

Neopay

JUNE 27, 2024

It is crucial to conduct a thorough assessment of your financial position and ensure that you meet the minimum capital requirements. Risk management framework: Develop a robust risk management framework that identifies, assesses and mitigates key risks associated with your business operations.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

The Payments Association

OCTOBER 11, 2024

Firms must prepare for these changes by improving their internal processes, conducting audits, and adapting to new compliance requirements to ensure seamless implementation of the FCA’s reforms. What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Fintech Review

JUNE 18, 2024

Standardize portfolio management procedures and segregate duties to minimize operational risk. Ensure auditability and the future success of the fund by keeping detailed records of transactions, valuations, and investor communications. Assess operational risk regularly. Avoid costly errors and regularly lapses.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Neopay

OCTOBER 10, 2024

This includes both the technical aspects, such as transaction monitoring, and the human elements, such as staff training and procedural reviews. Compliance audits and support : Our tailored audits will help you identify gaps in your fraud controls and ensure your firm is fully prepared for any regulatory scrutiny.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

Neopay

MARCH 7, 2024

Risk Assessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide Risk Assessments and Customer Risk Assessments, leaving significant gaps in their AML frameworks. Furthermore, financial crime controls have failed to keep pace with the rapid growth of these businesses.

AML 52

AML Financial Crimes Crime Risk Assessment 52

Neopay

JULY 4, 2024

These reports are critical for assessing and evidencing how firms have provided good outcomes for consumers under the Duty. Importance of board reports According to the Financial Conduct Authority (FCA), “Board reports are key to assess and evidence how firms have provided good outcomes for consumers under the Duty.”

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

Nanonets

JULY 11, 2023

To ensure the effectiveness of purchases controls, organizations must document and assess their control mechanisms through a comprehensive test of control. Photo by Austin Distel / Unsplash What are Test of Control Procedures? They may include inquiry, observation, inspection of documents, and reperformance of control procedures.

Procedures 40

Procedures Audit Mitigation Assessments 40

Neopay

OCTOBER 3, 2024

Key takeaway : If your business deals with high-risk clients, it’s crucial to implement enhanced due diligence procedures. Companies must regularly audit and stress-test their systems to ensure they function as intended, particularly as regulatory requirements change.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Basis Theory

OCTOBER 1, 2024

On the other hand, organizations with Levels 2, 3, or 4 use Self-Assessment Questionnaires (SAQs) to audit their compliance program. and assessments, significantly eliminating prep efforts and reducing audit timelines (to as little as 21 days.) Return to Top Who needs to be PCI compliant?

PCI DSS 88

PCI DSS Compliance Encryption Assessments 88

FloQast

APRIL 8, 2024

This can impact the company’s stock price and ability to secure financing and increase external audit costs. This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated. Conduct regular risk assessments.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

FloQast

MAY 13, 2024

The software notifies the accounting team of task completion simultaneously notifying the accountant completing the inventory workflow, and the internal audit team monitoring the effectiveness of the control environment. The manager is able to sign-off and log the count digitally via control software.

Compliance 52

Compliance Audit Automation Accounts 52

FloQast

DECEMBER 13, 2023

It was known as the Corporate and Auditing Accountability, Responsibility, and Transparency Act. On April 24, 2002, the House passed Oxley’s bill by a vote of 334 – 90 and forwarded the bill to the Senate. However, the Senate Committee on Banking, Housing, and Urban Affairs was also drafting its own bill and needed help.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

VISTA InfoSec

FEBRUARY 28, 2024

Specific Requirement - New: Rules for limited shared account use (duration, documentation, approval, auditability). Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. assessments.) Make sure these records outline who does what in terms of managing user accounts.

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

Segpay

MAY 1, 2024

Some of DORA’s main pillars are: Operational Risk Management: DORA requires PSPs to implement robust operational risk management practices to identify, assess, mitigate, and monitor operational risks effectively. Once third-party provider contracts are assessed, contracts must be modified and procedures implemented, to ensure DORA compliance.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. PayFacs also handle risk assessment, underwriting, settling of funds, compliance, and chargebacks. Payfacs need to have regular AML screenings and strictly implement KYC procedures.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

EBizCharge

OCTOBER 12, 2023

Compliance with auditing procedures An accurate and up-to-date ledger amount, along with credits and debits, is required for compliant bookkeeping and accounting. Ledgers are used for internal audits and quarterly and annual taxes. Therefore, maintaining compliant ledger practices will simplify the IRS audit process.

Available Balance 52

Available Balance Audit Accounts Procedures 52