Love and passion aren’t always the words that come to mind when talking about internal audit and accounting, but a new documentary Making It Balance: Will the Work Be Worth It explores just those aspects of the professions and discusses the very humanity behind the audit industry. The documentary, which Read More
A Swedish financial regulator fined Skandinaviska Enskilda Banken 1 billion Swedish konor ($107.3 million) for lax anti-money laundering governance after an investigation. Finansinspektionen, the regulator, found that SEB did not comply with rules on monitoring business relationships and transactions, and such deficiencies opened the bank up to potential risks. The Read More
An internal audit found that the City of Pasadena’s public safety departments had significant issues in their handling of petty cash and purchasing cards, but no illegal activity. The audit was recommended by auditor KPMG in 2014 to enforce “corrective actions to strengthen the City’s oversight of cash disbursements” and Read More
The coronavirus crisis has upended all areas of corporate America and its effects are likely to linger long after the pandemic has passed. A new study indicates that the internal audit profession is no exception and is undergoing some vast changes, due to the current crisis. According to a survey Read More
An audit found that the top managers Sweetwater Union High School District in California may be guilty of fraud and lying to credit rating agencies and the board of trustees. The audit came after the district’s budget came up $30 million short in 2018, with reports that despite knowledge of Read More
A Supreme Court ruling limiting the fines the Securities and Exchange Commission can impose on defendants to repay victims of fraud may lead to lower payouts to whistleblowers. Earlier this week the Supreme Court upheld the SEC’s right to disgorgement of funds that resulted from fraud, in an 8-1 ruling, Read More
GUEST BLOG As the world became chaotic around us earlier this year, internal auditors were pushed to work remotely, upending a lot of the conventional wisdom about what an internal auditor’s job should entail. Similarly, external auditors found themselves in a completely new world. With clients closing their offices, audit Read More
Increases in director-and-officer (D&O) insurance are rising as companies are now paying more to insure their top-level executives in the case of a lawsuit. The increase comes as shareholder litigation rises in both number of cases and size of settlements. With greater risks in the market and more expensive insurance, Read More
When asked to reflect on the COVID-19 pandemic during on a recent interview on CNBC, Salesforce CEO Marc Benioff remarked, “the business of business can no longer just be business.” Rather, he said, it must be to improve the state of the entire world. What might have been a controversial Read More
Commerzbank’s London unit was fined 37.8 million pounds ($47.3 million) by the U.K. for failing to have proper money-laundering controls, according to the Financial Conduct Authority. The bank, Germany’s second-largest lender, did not conduct on-time due diligence checks on 1,772 customers in 2017, and most of the clients had continued Read More
