Companies are moving to add more automation to their internal controls over financial reporting and plan to increase their investment in automation of ICFR in the next 6-to-18 months, according to a new study. The survey, conducted by the Financial Executives Research Foundation (FERF), found that more than 80 percent Read More
The final version of the fiscal 2019 Massachusetts state budget, released this week, will include reforms to the state police that were proposed by the Massachusetts House. The final bill includes a new state police internal audit unit and the creation of a new commission to review state police hiring Read More
The U.S. Army wasted tens of millions of dollars on marketing programs that failed to demonstrate significant returns in fiscal year 2016, according to an internal audit review conducted over nearly two years and acquired by Adweek through a Freedom of Information Act request. The findings follow an earlier version of Read More
One of the country’s most well-known and respected internal auditors is retiring after a bright career of working to improve the state of the internal audit profession. Larry Harrington will step down as vice president of internal audit of Raytheon on September 4. He will be succeeded by Jeanette Hughes, Read More
Dow Chemical has agreed to pay $1.75 million to settle charges that it failed to properly disclose around $3 million in perks for former CEO Andrew Liveris in its proxy statements. The Securities and Exchange Commission said Dow applied an incorrect standard in deciding not to disclose perks including personal Read More
Gov. Jerry Brown signed the California Consumer Privacy Act of 2018 last week, hours after its unanimous approval by the State Assembly and Senate. When it takes effect, it will be the toughest data privacy law in the United States, with many similar provisions as the European Union’s General Data Read More
A federal judge on Monday said PricewaterhouseCoopers LLP must pay $625.3 million in damages to the Federal Deposit Insurance Corp for failing to uncover fraud that led to one of the largest bank failures of the global financial crisis. U.S. District Judge Barbara Rothstein found it more likely than not Read More
The Securities and Exchange Commission voted last week to expand the definition for companies to qualify for the “smaller reporting company” (SRC) status, thereby increasing the number of companies that don’t need to meet the stiffer disclosure rules required of larger companies. The new smaller reporting company definition enables a Read More
In a consent order signed with eight states, credit reporting agency Equifax agreed to adopt several measures to shore up weaknesses across a wide spectrum of its IT and data security operations. The order includes a provision to beef up its internal audit program. It requires better assessments of internal Read More
Former Irish Nationwide Building Society (INBS) managing director Michael Fingleton has admitted he failed to read internal audit reports at the failed building lender and signed letters to the financial regulator without reading them. A Central Bank of Ireland inquiry into the lender’s €5.4 billion ($6.24 billion) collapse is looking Read More
