There is no question that corporate America is facing one of the biggest crises it has ever faced. Indeed, the nation is facing the biggest crisis since 9/11 and possibly since World War II. Nothing has been as disruptive; shuttering stores, restaurants, hotels, and offices across the nation. The coronavirus Read More
Singapore-based construction and engineering company Tee International is undergoing a review of its policies, aiming to enhance existing internal controls in light of unauthorized compensation paid to ex-company director Phua Chian Kin, the company said in a regulatory filing. Following an external investigation, Phua admitted to using company funds for Read More
AuditBoard, a provider of cloud-based software for managing and automating risk, audit, and compliance work, has announced the release of a new risk management offering, RiskOversight. AuditBoard says the new product, an expansion of its platform, was built to elevate and execute risk management programs across the enterprise—including risk identification, Read More
Guest Blog As the situation regarding coronavirus (COVID-19) continues to deteriorate, we see businesses becoming stretched and challenged on multiple fronts. From the massive impact on supply chains, to staff availability, to a plunge in demand for products and services in hospitality, transportation, energy, and many other industries, the pandemic Read More
For internal auditors, there may be nothing as frustrating as going back to an audit and finding the same deficiencies and problems year after year, audit after audit. It’s not uncommon for process owners and units to ignore audit findings and fail to make the recommended changes or fixes. When Read More
An audit report resulting from an internal investigation conducted by the internal audit department of Southern Texas University indicates that at least $14,000 to $32,000, and potentially far more, was missing from admissions office revenue. The report, which was obtained by the Texas Monitor, also found improprieties in admissions practices Read More
Daniel Yao Domelevo, the Auditor General of the African nation of Ghana, called for greater independence for internal auditors to help end corruption in the country. He said internal auditors were the custodians of accountability, yet were weakened by “employer dominance and political interference,” and must be granted full independence Read More
The Securities and Exchange Commission has announced that Ohio-based pharmaceutical company Cardinal Health has agreed to pay more than $8 million to resolve charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to the SEC’s order, Cardinal’s internal Read More
Targeted ransomware attacks against companies and government agencies are likely to surge in the coming months as ransomware-as-a-service continues to evolve into a lucrative model for cybercriminals, security experts warned at the 2020 RSA conference. The spike in demand for ransomware-as-a-service tools in underground forums, coupled with the anonymity offered Read More
The Securities and Exchange Commission announced charges against alcohol producer Diageo plc for failing to disclose its knowledge of high-pressure sales tactics to ship excess products to distributors to meet internal sales targets at its North American distributors. Diageo has agreed to pay $5 million to settle the enforcement action. Read More
