The board of the Federal Deposit Corp. voted to approve changes to the Volcker Rule, which could ease some restrictions under the regulations and provide more clarity on what types of trades are and are not permitted. The Volcker Rule, which is part of the Dodd-Frank Act, generally prohibits banks Read More
Businesses today cannot be separated from their digital assets. Data drives every aspect of business, from strategic decisions to tactical operations, and all that data is stored in, accessed by, and transmitted across networked systems. Keeping cyber risks under control is a critical issue for any company. Even small, non-tech-oriented Read More
More than $8 million in construction cost increases tied to the El Paso Independent School District’s 2016 bond program did not go before the board for approval as required, according to a new internal audit report. As a result, auditors warn final costs are likely to exceed the figures the school board Read More
Alexandra was a young manager in a small audit department of a manufacturing company. Her department was facing time-management issues, as the audit engagements could not adhere to the timeframes included in the annual audit plan, which had been developed in line with the Institute of Internal Auditor’s International Professional Read More
Security pros know that compliance does not equal security, yet compliance continues to be a top driver for security investment. Given that compliance and audit mandates are more tangible measures for non-security executives, requesting support for tools and processes that help meet these requirements is an excellent lever to pull Read More
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
GUEST BLOG Internal auditors are always on the lookout for people to emulate and to learn from. Here’s one to study: John C. (Jack) Bogle. Jack Bogle, the late founder of the mutual fund company Vanguard Group, has been an American investor, business magnate, financial innovator, and philanthropist, and is 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
Editor’s Note: This is the first in an occasional new series we are calling “Conversation Starter.” In each segment we will offer a brief take on a particular internal audit issue, along with a plea to you, our readers, to provide your own experiences and views in the comments section Read More
