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
The Securities and Exchange Commission and Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary, agreed to settle charges that Fiat made misleading disclosures about an internal audit of its emissions control systems, according to a SEC press release. The SEC found that in Read More
The Securities and Exchange Commission has accused Evolution Lighting Technologies Inc. of committing accounting fraud and falsely inflating its reported revenues over a four-year period. The SEC announced the charges against the Connecticut-based company in a statement released this week. Four Revolution Lighting executives—CEO Robert LaPenta, former CFO James DePalma, Read More
New guidance from the U.S. Commodity Futures Trading Commission (CFTC) to its Division of Enforcement staff outlines factors to consider when evaluating companies’ compliance programs during enforcement investigations. The guidance reflects a principles-based approach that avoids prescribing specific guidelines for compliance program structures. The CFTC aims to encourage companies to Read More
