The Securities and Exchange Commission has charged an affiliate of McKinsey & Co. with compliance failures including the misuse of material nonpublic information. The affiliate, MIO Partners, which offers investment options exclusively to current and former McKinsey partners and employees has agreed to pay an $18 million penalty to settle Read More
The Securities and Exchange Commission continues to revamp the Public Company Accounting Oversight Board in the wake of a series of scandals, naming a new chairperson and three new board members. Earlier this week, the SEC named Erica Williams to serve as chair of the PCAOB, which oversees the audits Read More
The ongoing COVID-19 pandemic has created a drain on organizational resources, including in internal audit departments, and unleashed new risks on a global basis. A recent survey finds that internal audit is addressing such challenges by increasing budgets and hiring additional auditors. The survey, conducted by AuditBoard, a cloud-based platform Read More
Legislators in Greece have floated an amendment to legislation that would require internal auditors to register with the Economic Chamber of Greece, a quasi-governmental agency that oversees the professions of economists, accountants, tax professionals, and others. The measure would give the Chamber a greater role in overseeing the internal audit Read More
The Securities and Exchange Commission appears to be making a new effort to pass rules that would require executives to pay back compensation that was obtained by hitting incentive goals that were later found to be false or inaccurate. The rule was included in the Dodd-Frank Wall Street Reform and Read More
The Chartered Institute of Internal Auditors has issued a new guide intended to help company audit committees make better use of their internal audit functions in “identifying, managing, and mitigating the risks and opportunities associated with climate change.” The guide, issued along with the British Standards Institution and titled “Harnessing Read More
The latest Global Knowledge Brief from The Institute of Internal Auditors and co-produced along with Workiva, “Embracing the Future: How technology helps audit teams stay ahead of the curve,” outlines how internal audit can benefit from pandemic-accelerated digital transformation. The report considers how internal audit can embrace the spirit of Read More
The AICPA Auditing Standards Board issued a new Statement on Auditing Standards (SAS) that is intended to clarify its views on how auditors should determine which areas pose the most risks of material misstatement in an audit engagement. Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Read More
A new survey finds that many internal audit functions are not leveraging the latest technology to supercharge their internal audit activities. According to the report, from the Institute of Internal Auditors’ Internal Audit Foundation and Refinitiv, more than 50 percent of internal audit functions are not taking advantage of the Read More
An internal audit of the Washington Department of Fish and Wildlife conducted by the Office of the Washington State Auditor, found problems with communication, bullying, and internal accountability at the state agency, according to a publicly released audit report. The culture audit, however, which is the first of its kind Read More
