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
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
