What compliance trends can auditors expect in 2017?
This will be a year of tremendous change that creates volatility and uncertainty in the internal audit profession. Top political appointees at U.S. regulatory agencies will turn over, and there will be marked changes in priorities with the incoming presidential administration. Those changes in priorities will filter down to the enforcement arena. With a new president who is prone to using social media to provoke policy confrontations with corporations and individuals, there is a material risk that companies may face some negative consequences if they become the focal point of President Trump’s attention.
How can a new presidential administration affect the risks that organizations face?
President Trump was elected on an agenda to tear down the central legislative, regulatory, and executive actions of his predecessor. There will be a number of recent rulemakings rescinded through legislation, a number of in-progress rulemakings halted or significantly modified, and a number of pending court cases over regulations abandoned to better reflect the new president’s priorities and philosophies. It will be critical for internal auditors to stay aware of the state of play for laws and regulations that most affect their organization’s operations on a daily basis.