The Securities and Exchange Commission has awarded more than $300,000 to an internal auditor whistleblower. The SEC said the individual’s “high-quality information and continuing assistance” significantly contributed to a successful enforcement action, earning the whistleblower award. The agency did not reveal the identity of the whistleblower or the company that Read More
General Electric Co. has struck a deal with the Securities and Exchange Commission to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses in financial reports filed in 2017 and 2018. According to the SEC’s order, GE misled investors by describing its Read More
The Securities and Exchange Commission has settled charges against The Cheesecake Factory for making misleading disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition. The action is the SEC’s first charging a public company for misleading investors about the financial effects of the pandemic. Read More
Traditionally, IA function has mostly focused on topics related to compliance and internal control systems wherein the Key role of the Internal Auditors has been of providing core assurance over business process risk & controls. Providing insights & adding value on the key risks of an organization has generally not Read More
The Institute of Internal Auditors is calling on the Group of Twenty nations to further strengthen its support of effective organizational governance worldwide. In a letter to G20 Secretary-General Dr. Fahad bin Abdullah Toonsi, The IIA urges the G20 to reinforce the basic elements of governance as described in the Read More
A former internal auditor at NJ Transit claims in an email sent to state and federal officials this week that the agency has slipshod controls that have allowed fraud to take place, lacks transparency for internal investigations, and has no established standards for bus maintenance. “As a NJT Internal Audit Read More
The Securities and Exchange Commission voted this week to adopt amendments that will modernize, simplify, and enhance certain financial disclosures, including the Management’s Discussion and Analysis requirement. The changes are intended to enhance the focus of financial disclosures on material information for the benefit of investors, while simplifying compliance efforts Read More
According to new survey findings, risks will continue to be largely unpredictable in 2021, and the shift to remote work wont be ending anytime soon. The survey results, released by software platform AuditBoard, find that the risk landscape will continue to greatly fluctuate next year rather than returning to more Read More
Eastman Kodak said this week that problems with internal controls allowed five former executives to sell roughly $5.1 million worth of stock options in July, the same month a highly scrutinized federal loan announcement sent the company’s stock price soaring more than 2,100 percent. The company learned of the deficiencies Read More
The Federal Bureau of Investigation has created a new Office of Internal Auditing intended to enhance compliance, oversight, and accountability of national security activities at the Bureau. It also named Mark J. Gerber, a former PwC partner and FBI special agent, as the assistant director to lead the new office. Read More
