Boards are significantly overconfident when it comes to addressing the most difficult issues their companies face, party because they are underinformed on top risks, finds a new survey. According to the report, there is a gap between how board members view key risks and how executive management does, due to Read More
When the Securities and Exchange Commission announced last week that it was settling charges against printing and graphics company Quad/Graphics Inc., it cited multiple internal audit and compliance failures as contributing factors in securities law and bribery violations by the company. The Wisconsin-based digital and print marketing provider has agreed Read More
The Institute of Internal Auditors released a new Global Knowledge Brief, “Solving Key Challenges for the Smaller Audit Group—Plan, review processes, and utilize resources.” The report outlines how small audit departments can leverage their resources, improve flexibility, evaluate their processes, and gain better support from colleagues. It includes unique challenges Read More
Insurance company CNA has announced the appointment of Joyce Bellows as senior vice president, internal audit. In this role, Bellows will lead CNA’s internal audit risk management and investigations functions. She will report to CFO James Anderson. “Joyce’s experience in financial services and proven track record of providing independent and Read More
The Securities and Exchange Commission has announced that Herbalife Nutrition—a direct selling company with operations in over 90 countries— has agreed to pay $20 million to settle charges that it made false and misleading statements about its China business model in numerous U.S. regulatory filings over a six-year period. According Read More
The Securities and Exchange Commission has charged Michigan-based automaker FCA US and its parent company, Fiat Chrysler, for misleading investors about the number of new vehicles sold each month to customers in the United States. FCA US and Fiat Chrysler have agreed to pay $40 million to settle the charges. Read More
Facebook has suspended tens of thousands of applications on its platform during an internal audit investigation it launched into app developers following the Cambridge Analytica scandal. Many were found to be improperly harvesting user data. “To date, this investigation has addressed millions of apps. Of those, tens of thousands have Read More
A new report finds that companies are making changes to financial disclosures, conducting audit “dry runs,” and even improving and adding new controls ahead of a new regulation that will require audit firms to disclose financial reporting issues that cause concern for auditors, known as “critical audit matters” or CAMs. Read More
Companies are struggling to keep their networks secure, particularly when they involve cloud computing, but an emerging technology—machine learning—could provide some help to eliminate unauthorized communication in your cloud. One of the biggest challenges of managing network security is understanding the environment: What assets are present? How are they communicating? Read More
A new study finds that companies are increasingly putting internal audit in charge of Sarbanes-Oxley Act (SOX) internal controls compliance, rather than departments such as financial reporting or legal. The survey, conducted by the SOX & Internal Controls Professionals Group, finds that 46 percent of respondents report that internal audit Read More
