Mar 25

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Internal Audit’s Top Priorities Include Social Media

Protiviti’s 2014 Internal Audit Capabilities and Needs Survey Report queried more than 600 internal audit professionals about the social media risks that threaten their businesses.  The five largest are:

  1. Financial loss
  2. Interrupted business continuity
  3. Loss of intellectual property
  4. Loss of employee productivity
  5. Viruses and malware

However, despite this awareness of the risks, many companies are still not adequately addressing them.  While executive management is becoming more aware of the risks and more organization are formalizing social media processes, “Significant improvements remain necessary, particularly related to the inclusion of social media evaluations in audit plans as well as the integration of social media into incident response activities.”

About the author

Renee Howdeshell

Renee Howdeshell is a founding member of Fulcrum Inquiry, an accounting, finance and economic consulting firm that performs damage analyses for commercial litigation, forensic accountings, royalty & distribution audits, financial investigations, and business valuations. Ms. Howdeshell holds a degree in Finance and Marketing from the University of Virginia's McIntire School of Commerce and is a Certified Public Accountant (CPA) and a Certified Fraud Examiner (CFE). She has testified as an expert witness in federal court, CA state court and arbitration regarding the results of her work. She can be reached at (213) 787-4112 and her resume is available at www.fulcrum.com.

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