Category: News Roundup

These are brief synopses of news items that have been covered by other sites. They include a few paragraphs and a link to the fully contained article on another site.

Nursing Home provider PACS Group

PACS Delays Earnings Amid Internal Audit Investigation

Nursing home operator PACS Group delayed the release of its third-quarter earnings, providing only preliminary results on Wednesday as it carries out an internal audit and cooperates with a federal investigation into its referral and reimbursement practices. Originally scheduled for Nov. 7 after market close, PACS now expects to disclose Read More

TD Bank to Pay $3B in Plea to Settle Money-Laundering Case

Canadian-based TD Bank will pay more than $3 billion in a historic settlement with U.S. authorities who said that the financial institution’s lax practices allowed significant money laundering over multiple years. The bank pleaded guilty to conspiracy to commit money laundering, the largest bank in U.S. history to do so, Read More

Anne Kiem, Chartered IIA

Chartered IIA Releases New Internal Audit Code of Practice

The Chartered Institute of Internal Auditors has issued its long-awaited new Internal Audit Code of Practice. The new Code is designed to “equip organizations with the tools to navigate today’s increasingly complex risk environment,” the organization said in a statement. The document sets a higher standard for internal audit practices Read More

Grefenstine

The IIA Names Terry Grafenstine as New Chair of Its Global Board

The Institute of Internal Auditors has announced that Terry Grafenstine will serve as the new Chair of its global board of directors for the next two years.  The IIA announced the news following its annual business meeting and 2024 International Conference, held in Washington, DC this week. Grafenstine has more Read More

Silvergate logo image

Silvergate Settles SEC Charges for Compliance Failures

The Securities and Exchange Commission charged Silvergate Capital, its former CEO Alan Lane, and former Chief Risk Officer Kathleen Fraher with misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers, including FTX. The SEC also charged Silvergate and its Read More

Western Washington University

University Internal Auditor Awarded $3M in Wrongful-Termination Case

A university internal auditor who told federal investigators about Western Washington University’s use of “ghost courses,” and was later fired by the school, was awarded nearly $3 million in damages this week for whistleblower retaliation. Antonia Allen, former director of WWU’s Office of the Internal Auditor, sued the university in Read More

Chemours

Chemours Responds to Regulators over Troubling Internal Audit Findings

U.S.-based chemical company Chemours has received requests for information from regulators, including the Securities and Exchange Commission, and federal prosecutors after an internal audit investigation found multiple executives shifted cash flows to boost their bonuses. The company disclosed in its annual report on Wednesday that it was cooperating with information Read More

Report: Changing Risks Will Require Shift in Internal Audit Hiring

Recruitment and hiring strategies for internal audit must evolve to ensure the profession keeps pace with a changing risk environment, according to the results of a new report ‘Fueling the Internal Audit Student Talent Pipeline: Perspectives from Educators and Practitioners’ published by the Internal Audit Foundation. The report finds the Read More

FTC Seal

FTC Moves to Ban All Noncompete Agreements

The Federal Trade Commission issued a final rule that will effectively ban all noncompete agreements nationwide. In a statement, the agency said it was “protecting the fundamental freedom of workers to change jobs, increasing innovation, and fostering new business formation.” “Noncompete clauses keep wages low, suppress new ideas, and rob Read More