A professor at the University of Pennsylvania’s Wharton School is warning that the Securities and Exchange Commission’s proposal to exempt smaller companies from having to comply with a key provision of the Sarbanes Oxley Act (SOX) could do more harm than good. The SEC proposed in May to exempt relatively Read More
A Massachusetts Department of Transportation project manager responsible for auditing the state’s Merit Rating Board told lawmakers during testimony this week that she had flagged thousands of unprocessed out-of-state traffic violations in her preliminary audit findings in April. Brie-Anne Dwyer, who testified before the Joint Committee on Transportation on Tuesday, Read More
A former CVS employee has pleaded guilty to fraud after an internal audit, triggered by suspicious activity, uncovered a $2.5 million scam to resell stolen merchandise, the U.S. Attorney’s Office for the Western District of New York announced last week. The perpetrator, Antonio Rivera of Williamsville, NY, was employed Read More
Facebook will pay a record-breaking $5 billion penalty, and submit to major new privacy restrictions and a modified corporate structure, to settle Federal Trade Commission charges that the company violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information. The whopping Read More
GUEST BLOG Internal auditors are always on the lookout for people to emulate and to learn from. Here’s one to study: John C. (Jack) Bogle. Jack Bogle, the late founder of the mutual fund company Vanguard Group, has been an American investor, business magnate, financial innovator, and philanthropist, and is Read More
Equifax has agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories, which alleged that the credit reporting company’s failure to take reasonable steps Read More
Editor’s Note: This is the first in an occasional new series we are calling “Conversation Starter.” In each segment we will offer a brief take on a particular internal audit issue, along with a plea to you, our readers, to provide your own experiences and views in the comments section Read More
The IIA, in collaboration with the Internal Audit Foundation and Crowe, conducted a limited survey of IIA members to get a read on current understanding and preparedness around their role in adopting blockchain. The resulting report, Blockchain and Internal Audit, answers the question, “What steps, if any, should the profession Read More
The Institute of Internal Auditors (IIA), a professional association for internal auditors, honored former Global Chairmen Lawrence J. Harrington (2015-16) and Philip D. Tarling (2012-13) with the 2019 Victor Z. Brink Award for Distinguished Service. The award, annually recognizing individuals for their outstanding contributions to the internal audit profession and Read More
The professional association for internal auditors in the United Kingdom and Ireland has issued a draft version today of a new “Code of Practice” that is says will promote more extensive access for internal auditors. The draft, issued by the Chartered Institute of Internal Auditors, is intended to strengthen corporate Read More
