The Securities and Exchange Commission has announced whistleblower awards in connection with three separate enforcement actions totaling over $3.6 million. In the first order, the SEC awarded a whistleblower over $1.8 million for providing significant information about a fraudulent scheme. The whistleblower took immediate steps to mitigate the harm to Read More
The Securities and Exchange Commission has awarded more than $300,000 to an internal auditor whistleblower. The SEC said the individual’s “high-quality information and continuing assistance” significantly contributed to a successful enforcement action, earning the whistleblower award. The agency did not reveal the identity of the whistleblower or the company that Read More
General Electric Co. has struck a deal with the Securities and Exchange Commission to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses in financial reports filed in 2017 and 2018. According to the SEC’s order, GE misled investors by describing its Read More
The typical career path of an internal audit leader often involves an eye-opening journey to a unique role in the organization—that of the company ambassador or evangelist. When you first became an internal auditor, you were focused on the job at hand: How to do it successfully and how interesting Read More
The Securities and Exchange Commission has settled charges against The Cheesecake Factory for making misleading disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition. The action is the SEC’s first charging a public company for misleading investors about the financial effects of the pandemic. Read More
Traditionally, IA function has mostly focused on topics related to compliance and internal control systems wherein the Key role of the Internal Auditors has been of providing core assurance over business process risk & controls. Providing insights & adding value on the key risks of an organization has generally not Read More
GUEST BLOG: Here is an obvious point—internal controls are intended to ensure compliance with relevant policies and procedures. Internal controls are not just for show, or not just limited to financial reporting. A compliance program is a subset of a company’s internal controls. So, all this is well and good. Read More
The Institute of Internal Auditors is calling on the Group of Twenty nations to further strengthen its support of effective organizational governance worldwide. In a letter to G20 Secretary-General Dr. Fahad bin Abdullah Toonsi, The IIA urges the G20 to reinforce the basic elements of governance as described in the Read More
Guest Blog With most office workers still toiling from the confines of their home offices and kitchen tables, and some unhappy with their current circumstances, many organizations are concerned about the potential for a rapid rise in fraud. The global economic contraction has hurt employee morale and has heightened vulnerability Read More
A former internal auditor at NJ Transit claims in an email sent to state and federal officials this week that the agency has slipshod controls that have allowed fraud to take place, lacks transparency for internal investigations, and has no established standards for bus maintenance. “As a NJT Internal Audit Read More
