Key management personnel at Franklin Templeton Asset Management, based in India, committed wrongdoings including insider trading, a forensic audit conducted by Choksi & Choksi finds. Managers redeemed personal investments for a profit before the company announced it had closed six debt schemes in April of this year, Moneycontrol reports. “Clearly, Read More
Public companies’ board members are focusing more this year on the communication and transparency of financial reporting and disclosures, the new 2020 Board Pulse Survey from BDO reports. Of the 280 public company board members surveyed, 73 percent say they have increased disclosures around new and emerging risks to their Read More
The Austin, Texas, Office of the City Auditor uncovered a $1.3 million theft scheme conducted by its former director of libraries, who used his city credit card to purchase printer toner and resell it online, the Austin Monitor reports. The employee also purchased electronics and home goods for his personal Read More
An audit conducted by the New York City Department of Investigation (DOI) uncovered $1.4 billion in unpaid fines, Gothamist reports. This includes $782 million in fines issued by the city’s Environmental Control Board for infractions such as uncleaned streets, health and building code violations, and illegal street vending, water disposal, Read More
Professional skepticism by auditors, finance professionals, and all participants in the financial reporting supply chain is crucial for the deterrence and detection of fraud, a new report from the Anti-Fraud Collaboration says. Organizations must critically assess potential fraud risks and be aware of potential biases that can lead to criminal Read More
Despite global uncertainty, internal audit leaders believe their teams are well-positioned to weather the challenges presented by COVID-19 and help their organizations embrace digital transformation, according to a new report from Protiviti. Organizations whose internal audit functions had already implemented new technologies, tools, and methodologies before the onset of the Read More
The Securities and Exchange Commission today announced charges against technology company HP, Inc. for misleading investors by failing to disclose the impact of sales practices undertaken in an effort to meet quarterly sales and earnings targets. HP has agreed to pay $6 million to settle the charges. According to the SEC, Read More
The Institute of Internal Auditors (IIA) is launching a new, comprehensive framework to support internal auditors pursuing professional development, as well as a new global survey to assess internal audit practitioners’ competency levels, the organization announced in a press release. The IIA’s Internal Audit Competency Framework provides career advancement direction Read More
The Securities and Exchange Commission today announced settled charges against Manitex International, Inc., a Bridgeview, Illinois manufacturer and distributor of cranes, forklifts, and heavy equipment, and three of its former senior executives for two accounting fraud schemes that resulted in the issuance of materially misstated financial statements. According to the Read More
Amidst a wide range of challenges in 2020, including a global pandemic and social unrest, cybersecurity and data security risks remain top-of-mind for chief audit executives and audit committee members in Europe, the annual Risk in Focus survey from the Chartered Institute of Internal Auditors (IIA) finds. For the third Read More
