Companies are taking a closer look at how to effectively manage and mitigate compliance risks, especially at a time when many compliance programs are under the microscope from regulators while also dealing with the effects of a global pandemic. The Committee of Sponsoring Organizations (COSO) has released a new publication, Read More
Eastman Kodak said this week that problems with internal controls allowed five former executives to sell roughly $5.1 million worth of stock options in July, the same month a highly scrutinized federal loan announcement sent the company’s stock price soaring more than 2,100 percent. The company learned of the deficiencies Read More
The Federal Bureau of Investigation has created a new Office of Internal Auditing intended to enhance compliance, oversight, and accountability of national security activities at the Bureau. It also named Mark J. Gerber, a former PwC partner and FBI special agent, as the assistant director to lead the new office. Read More
The next time a CEO or board member questions the value of internal audit and compliance, just point to the colossal sum of cash that Goldman Sachs is shelling out to settle bribery and corruption charges. The investment bank agreed to pay a whopping $2.9 billion, with a “B,” to Read More
The Securities and Exchange Commission announced a record award to an unnamed whistleblower for providing information leading to a successful enforcement action against securities law violations. The SEC said, in a statement, that the whistleblower took “extraordinary” actions to bring the wrongdoing to light. The $114 million award consists of Read More
Reports of the suspicious deaths of four public-sector internal auditors in Liberia are sending shock waves through the internal auditing profession amid calls for greater investigation into the circumstances of the incidents. Occurring over eight days, from October 3-10, the four deaths involved Emmanuel Barten Nyeswua, director general, Liberia Internal 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
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
