The Institute of Internal Auditors (IIA) and the Neel Corporate Governance Center have unveiled an annual corporate governance index that measures the quality of corporate governance among publicly held companies in the United States and the results aren’t very good. The inaugural American Corporate Governance Index (ACGI) graded U.S. companies Read More
The United Automobile Workers union has announced that it is revving up its internal audit function in response to a federal investigation into its finances. The UAW’s former president, Gary Jones, resigned earlier this month as a federal corruption probe into bribery and other wrongdoing at the major autoworkers union Read More
The Institute of Internal Auditors has issued new guidance on auditing social media. The paper, “Auditing Social Media: Adding Value by Improving Governance,” examines internal audit’s involvement in the implementation and evaluation of social media strategy. Audit executives can assess organizational social media capabilities and social media’s role in the Read More
The U.S. Justice Department has announced the formation of a new unit to combat fraud in government procurement and in grant and program funding. The unit, labeled the Procurement Collusion Strike Force (PCSF) will focus on deterring, detecting, investigating and prosecuting antitrust crimes, such as bid-rigging conspiracies and related fraudulent Read More
Toy company Mattel announced this week that has completed an independent investigation, led by its audit committee, into the allegations by a whistleblower of accounting improprieties and a lack of independence by the company’s external auditor. The investigation determined that income tax expense was understated by $109 million in the Read More
In a letter to Parliament, the Chartered Institute of Internal Auditors called on the U.K. government for new legislation to reform how the audit industry is regulated in the wake of a series of major corporate collapses. The professional association, which represents internal auditors in the United Kingdom and Ireland, Read More
A new study examines the biggest challenges impacting IT audit professionals as they navigate an evolving risk landscape in an era of digital transformation. The 2019 Global IT Audit Benchmarking Study is the eighth annual audit research project conducted by consulting firm Protiviti and ISACA, a professional association for IT Read More
Boards are significantly overconfident when it comes to addressing the most difficult issues their companies face, party because they are underinformed on top risks, finds a new survey. According to the report, there is a gap between how board members view key risks and how executive management does, due to Read More
When the Securities and Exchange Commission announced last week that it was settling charges against printing and graphics company Quad/Graphics Inc., it cited multiple internal audit and compliance failures as contributing factors in securities law and bribery violations by the company. The Wisconsin-based digital and print marketing provider has agreed Read More
The Securities and Exchange Commission has announced that Herbalife Nutrition—a direct selling company with operations in over 90 countries— has agreed to pay $20 million to settle charges that it made false and misleading statements about its China business model in numerous U.S. regulatory filings over a six-year period. According Read More
