A former CVS employee has pleaded guilty to fraud after an internal audit, triggered by suspicious activity, uncovered a $2.5 million scam to resell stolen merchandise, the U.S. Attorney’s Office for the Western District of New York announced last week. The perpetrator, Antonio Rivera of Williamsville, NY, was employed Read More
Facebook will pay a record-breaking $5 billion penalty, and submit to major new privacy restrictions and a modified corporate structure, to settle Federal Trade Commission charges that the company violated a 2012 FTC order by deceiving users about their ability to control the privacy of their personal information. The whopping Read More
Equifax has agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states and territories, which alleged that the credit reporting company’s failure to take reasonable steps Read More
The professional association for internal auditors in the United Kingdom and Ireland has issued a draft version today of a new “Code of Practice” that is says will promote more extensive access for internal auditors. The draft, issued by the Chartered Institute of Internal Auditors, is intended to strengthen corporate Read More
The Securities and Exchange Commission filed insider trading charges against Martha Patricia Bustos, a former accountant at Illumina Inc. and a certified public accountant, and her close friend, Donald Blakstad, whom Bustos allegedly illegally tipped with confidential information in advance of her company’s quarterly performance announcements. The alleged insider trading Read More
Internal auditors have always had a role to play in the detection and prevention of fraud. A recent paper from the Institute of Internal Auditors (IIA) looks to shed some more light on just what that role is and how internal audit teams can do a better job at fighting Read More
After a study found that nearly one-in-five internal auditors in South Africa said they would not feel safe if they exposed questionable activities to law enforcement agencies, some internal audit leaders and others are calling on the state to do more to protect internal auditors, in both the public and Read More
A new academic research study indicates that companies with women serving as chief financial officers are significantly less likely to misreport financial results. The study, by three professors from the University of Alabama, a professor from the University of Missouri, and one from St. Louis University used a “financial statement Read More
The Institute of Internal Auditors (IIA) has opened a public comment period and is conducting a survey on the widely used “Three Lines of Defense” model, as it considers revising the model to update thinking about how it is applied. The comment period will be open from June 20 to Read More
Big Four audit firm KPMG LLP will pay $50 million to settle Securities and Exchange Commission charges in the KPMG cheating scandal. The SEC had alleged that the firm altered past audit work after receiving stolen information about inspections of the firm that would be conducted by the Public Company Read More
