The deadline is looming for banks and financial institutions that do business in New York to comply with new regulation that requires them to keep an audit trail of financial transactions for at least five years. Provisions of the Cybersecurity Regulation, which was passed in March 2017, will go into Read More
(Photo: Audit Report by Nick Youngson CC BY-SA 3.0 ImageCreator) The Center for Audit Quality has issued some much-needed guidance on critical audit matters (CAMs), a new reporting requirement that external auditors will need to start including in their audit reports as early as next year. While the new requirements Read More
A recent article from Deloitte in the Wall Street Journal notes the opportunity for internal audit to take advantage of Big Data and data analytics. Sure, it’s a sponsored article as part of Deloitte’s relationship with the WSJ, but the article nonetheless has some good nuggets of wisdom on how Read More
More companies are providing compliance and ethics training for board members in light of the recent string of sexual harassment charges at several organizations and the emergence of the #MeToo campaign, according to a new report. But many companies still provide little or no specific sexual harassment training to directors, Read More
Pizza restaurant chain Papa John’s has hired mega law firm Akin Gump to conduct an independent audit of the company’s programs for diversity and inclusion, as well as the company’s culture. The move comes after the company’s chairman and founder, John Schnatter, resigned earlier this month over allegations that he Read More
One of the country’s most well-known and respected internal auditors is retiring after a bright career of working to improve the state of the internal audit profession. Larry Harrington will step down as vice president of internal audit of Raytheon on September 4. He will be succeeded by Jeanette Hughes, Read More
Dow Chemical has agreed to pay $1.75 million to settle charges that it failed to properly disclose around $3 million in perks for former CEO Andrew Liveris in its proxy statements. The Securities and Exchange Commission said Dow applied an incorrect standard in deciding not to disclose perks including personal Read More
Gov. Jerry Brown signed the California Consumer Privacy Act of 2018 last week, hours after its unanimous approval by the State Assembly and Senate. When it takes effect, it will be the toughest data privacy law in the United States, with many similar provisions as the European Union’s General Data Read More
The Securities and Exchange Commission voted last week to expand the definition for companies to qualify for the “smaller reporting company” (SRC) status, thereby increasing the number of companies that don’t need to meet the stiffer disclosure rules required of larger companies. The new smaller reporting company definition enables a Read More
In a consent order signed with eight states, credit reporting agency Equifax agreed to adopt several measures to shore up weaknesses across a wide spectrum of its IT and data security operations. The order includes a provision to beef up its internal audit program. It requires better assessments of internal Read More
