The Institute of Internal Auditors is waiving the application fee for the Certified Internal Auditor credential and offering a discount on CIA exam prep resources for the month of May, which is Internal Audit Awareness Month. The certification demonstrates proficiency and professionalism in internal audit, while encouraging elevated trust and Read More
A team from the University of Arizona and its Eller College of Management took home first place in the 2018 National Audit Innovation Campus Challenge, held by Deloitte. The winning submission centered on a “recommendation to enter the market of auditing corporate sustainability reports in anticipation of potential regulatory guidance” Read More
Two U.S. regulators have proposed Wells Fargo & Co pay $1 billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank, overshadowing its first quarter results. The San Francisco-based lender, which reported a quarterly profit, said it may have to restate Read More
In a hyper-partisan world, companies can easily get pulled into political battles, risking alienating customers and suffering reputational damage. It’s time to assess the risks and get it on your risk radar. For internal auditors, political risks have generally meant keeping an eye on the geo-political changes in countries where Read More
Regulators said they won’t immediately crack down on financial institutions once a new anti-money laundering rule takes effect next month. The rule requires financial institutions to identify the true owners of companies when they open bank accounts. It will get a light enforcement touch in the early days after the Read More
Many audit committees, boards and management teams now expect internal audit to advise management on key issues, anticipate risks, and be more forward looking. “As new businesses are created and old ones spun off, processes evolve, technologies are adopted, and regulatory demands fluctuate, the internal audit function must develop new Read More
Blockchain has recently become a topic of major concern to internal auditors. And while there is a lot of hype around blockchain, many internal auditors are just starting to ask basic questions: What is it? What can it do? How can it be used? Is it really as unhackable as Read More
Proxy advisory firms Institutional Shareholder Services and Glass Lewis are urging the shareholders of General Electric Co. to vote against keeping accounting firm KPMG. There are “concerns about GE’s previously-undisclosed liabilities and accounting practices,” noted ISS in a report on the subject. KPMG has served as GE’s auditor for 109 Read More
Last week, Canada-based gold mining company, Kinross Gold, settled a Foreign Corrupt Practices Act case with the Securities and Exchange Commission by agreeing to pay just shy of $1 million. While the SEC did not pursue the case on evidence of actual bribery, it did hit Kinross with charges of Read More
The Securities and Exchange Commission took aim at two compliance officers at a broker-dealer, alleging that they aided and abetted the brokerage’s failure to file reports on suspicious transactions. Aegis Capital Corp. failed to file reports on hundreds of transactions that were potentially related to the market manipulation of low-priced Read More
