AuditBoard, a provider of cloud-based software for managing and automating risk, audit, and compliance work, has announced the release of a new risk management offering, RiskOversight. AuditBoard says the new product, an expansion of its platform, was built to elevate and execute risk management programs across the enterprise—including risk identification, Read More
The Securities and Exchange Commission has announced that Ohio-based pharmaceutical company Cardinal Health has agreed to pay more than $8 million to resolve charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to the SEC’s order, Cardinal’s internal Read More
The Securities and Exchange Commission announced charges against alcohol producer Diageo plc for failing to disclose its knowledge of high-pressure sales tactics to ship excess products to distributors to meet internal sales targets at its North American distributors. Diageo has agreed to pay $5 million to settle the enforcement action. Read More
Tucked inside the Trump Administration’s $4.8 Trillion budget proposal for fiscal year 2021, released last week, is a plan that has caught the eye of Big Four auditors and internal auditors as well: The White House has proposed to merge the Public Company Accounting Oversight Board into the Securities and Read More
Aircraft company Airbus has agreed to pay combined penalties of more than $3.9 billion to resolve foreign bribery charges with authorities in the United States, France, and the United Kingdom. It is the largest settlement arising from bribery charges ever. The Department of Justice said in a statement that the Read More
The Securities and Exchange Commission has proposed amendments to securities regulations that, if passed, would change the requirements for disclosing financial information. It says the changes would modernize, simplify, and enhance some financial disclosure requirements in Regulation S-K. The proposed changes would also require some new disclosures. In a statement, Read More
The Commodity Futures Trading Commission announced it will become the first federal agency to adopt the recently released privacy framework from the National Institute of Standards and Technology (NIST). The framework is a voluntary tool designed to improve privacy through enterprise risk management. The CFTC will integrate the framework into Read More
The Chartered Institute of Internal Auditors released its long-awaited new Internal Audit Code of Practice, to serve as a guide to practices and standards of internal audit professionals in the United Kingdom and Ireland. The professional organization says the new code will increase the effectiveness of internal audit functions and Read More
A new report issued by an independent U.K. committee convened to review just about every facet of the audit function—from internal controls to internal audit to the independent assurance function offered by the Big Four and others—is urging a complete overhaul of the audit process. The Brydon Report, issued today, Read More
A former finance director stands accused of misappropriated more than $6.94 million in public funds from the Pierce County Housing Authority, according to a fraud investigation report the State Auditor’s Office released Monday. It’s the biggest case of fraud for a local government in the state of Washington, according to Read More
