July 2026

normanmarks.wordpress.com · Jul 7, 2026 · Curated 4 weeks ago

COSO's Latest ERM Guidance: Shifting from Documentation to Decision-Making

COSO's new guidance, "From Guidance to Action: Exploring Practical Enterprise Risk Management," emphasizes moving Enterprise Risk Management (ERM) beyond mere documentation to actively influencing strategic decisions. This shift is crucial for internal audit and assurance professionals, as it redefines ERM's value proposition from a compliance function to a strategic enabler, demanding a more integrated and decision-focused approach to risk assessment and reporting.

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radicalcompliance.com · Jul 6, 2026

Bosch's $36.1M Export Control Penalty: A Masterclass in Internal Communication Failures

Bosch's recent $36.1 million penalty for export control violations highlights critical breakdowns in internal communication and information flow, offering a stark lesson for audit and assurance professionals. The case demonstrates how under-resourced compliance functions, misinterpretation of regulatory changes, and a failure to integrate external warnings can lead to significant compliance failures, underscoring the importance of robust COSO-aligned information and communication controls.

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elementalaimatters.substack.com · Jul 6, 2026

AI Governance: Boards Must Act Now to Appoint a 'Designated Survivor' and Build Accountability Architecture

This article urges boards to immediately establish clear accountability for AI agents by appointing a 'Designated Survivor' and implementing a robust governance framework. For internal audit and assurance professionals, this highlights the critical need for proactive AI risk management, emphasizing the importance of a live registry of AI agents, extending delegation of authority frameworks to include AI actions, and establishing regular board-level review of AI activities to mitigate legal, financial, and reputational exposures.

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majidmumtaz.substack.com · Jun 27, 2026 · Curated 4 weeks ago

AI's Role in Judgment: A Dialectical Inquiry for Internal Audit and Assurance Professionals

This article explores the complex question of whether AI can exercise judgment, concluding that while AI can be a genuine co-author in the deliberative process, the ultimate responsibility and ownership of a verdict must remain with human agents or institutions. For audit and assurance professionals, this distinction is crucial for understanding the boundaries of AI's capabilities in critical decision-making, ensuring accountability, and designing robust governance frameworks for AI-assisted processes.

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majidmumtaz.substack.com · May 21, 2026 · Curated 4 weeks ago

Optimization vs. Resilience: The Hidden Costs of Efficiency in High-Growth Operations

This article highlights how aggressive optimization for efficiency, while initially beneficial, can introduce significant, unacknowledged risks that lead to operational failures and financial inaccuracies. For internal audit and assurance professionals, this underscores the critical need to integrate risk assessments into efficiency initiatives from the outset, moving beyond traditional sample-based auditing to population-level reviews, and ensuring that risk appetite frameworks actively inform strategic decisions, not just constrain them.

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majidmumtaz.substack.com · May 7, 2026 · Curated 4 weeks ago

The Resilience Trap: How Celebrating Powerlessness Undermines Progress in South Asia

This article critically examines the cultural phenomenon in South Asia where suffering and powerlessness are often romanticized, leading to a 'resilience trap.' For internal audit and assurance professionals, this perspective is crucial for understanding organizational culture, risk appetite, and the potential for systemic issues to be overlooked or even celebrated under the guise of 'resilience' rather than being addressed proactively. It highlights how a culture that glorifies endurance over efficiency can mask underlying governance failures and hinder genuine improvement.

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majidmumtaz.substack.com · Apr 21, 2026 · Curated 4 weeks ago

GCC Regulators Face ESG Audit Gap as Disclosure Mandates Outpace Verification Capacity

GCC countries are rapidly implementing ESG disclosure regulations, but the capacity for independent verification of these disclosures lags significantly. This creates substantial exposure for boards, as they are approving sustainability reports without adequate internal audit functions to verify the underlying data. Internal audit professionals in the GCC must urgently develop specialized ESG audit capabilities to mitigate regulatory and reputational risks, especially as international investors bring heightened scrutiny.

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majidmumtaz.substack.com · Apr 15, 2026 · Curated 4 weeks ago

The Four Motions of Power: Saam, Daam, Dand, Bhed and Their Implications for Internal Audit

This article explores the ancient Indian strategic framework of Saam, Daam, Dand, and Bhed (Persuasion, Inducement, Punishment, and Division) as fundamental motions of power. For internal audit and assurance professionals, understanding these dynamics is crucial for navigating organizational politics, assessing risk, and evaluating the effectiveness of controls. Recognizing these 'motions' helps auditors move beyond superficial analyses to uncover the true drivers of behavior and decision-making within an organization, whether in compliance, culture, or strategic execution.

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majidmumtaz.substack.com · Apr 14, 2026 · Curated 4 weeks ago

The Illusion of Objectivity: How Deal Incentives Skew Due Diligence Outcomes

This article critically examines the inherent biases within the due diligence process, particularly in mergers and acquisitions. It argues that due diligence, while ostensibly designed to uncover problems, often serves to validate pre-existing decisions due to the strong incentives of all parties involved to close the deal. Internal audit and assurance professionals should be aware of these structural limitations and the potential for scope manipulation, as they can significantly impact the reliability of due diligence findings and the overall risk profile of a transaction.

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majidmumtaz.substack.com · Apr 12, 2026 · Curated 4 weeks ago

The Corporate Gag: Why Employees Disclaim Personal Opinions on Professional Platforms

This article delves into the pervasive "disclaimer culture" where professionals state their opinions are their own, exploring its implications for corporate ethics and individual expression. It highlights how this practice, often a legalistic shield, reveals a deeper anxiety about corporate influence and the hidden costs of speaking truth within organizations. For internal audit and assurance professionals, this raises critical questions about fostering environments where ethical concerns can be voiced without fear of retaliation, and how corporate structures can inadvertently suppress vital information that could impact governance and risk management.

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