The Securities and Exchange Commission today announced settled charges against Manitex International, Inc., a Bridgeview, Illinois manufacturer and distributor of cranes, forklifts, and heavy equipment, and three of its former senior executives for two accounting fraud schemes that resulted in the issuance of materially misstated financial statements. According to the Read More
Amidst a wide range of challenges in 2020, including a global pandemic and social unrest, cybersecurity and data security risks remain top-of-mind for chief audit executives and audit committee members in Europe, the annual Risk in Focus survey from the Chartered Institute of Internal Auditors (IIA) finds. For the third Read More
The Securities and Exchange Commission and Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary, agreed to settle charges that Fiat made misleading disclosures about an internal audit of its emissions control systems, according to a SEC press release. The SEC found that in Read More
The Institute of Internal Auditors (IIA) is offering a new Global Knowledge Brief to help internal auditors understand how to approach assessments of social equity and corporate social responsibility within their organizations’ strategies and cultures. “At an increasingly rapid rate, social equity and justice movements garner global attention and power,” Read More
The Securities and Exchange Commission has accused Evolution Lighting Technologies Inc. of committing accounting fraud and falsely inflating its reported revenues over a four-year period. The SEC announced the charges against the Connecticut-based company in a statement released this week. Four Revolution Lighting executives—CEO Robert LaPenta, former CFO James DePalma, Read More
New guidance from the U.S. Commodity Futures Trading Commission (CFTC) to its Division of Enforcement staff outlines factors to consider when evaluating companies’ compliance programs during enforcement investigations. The guidance reflects a principles-based approach that avoids prescribing specific guidelines for compliance program structures. The CFTC aims to encourage companies to Read More
Compliance officers are increasingly seeking technology solutions that improve their teams’ access to financial and operational data, and that provide risk monitoring and mitigation. Earlier this year, the U.S. Justice Department instructed prosecutors to evaluate data access and analysis at the companies they investigate. Recent settlement trends indicate that regulators Read More
Audit committees are disclosing more information about their auditors and audits in shareholder reports this year, according to an annual analysis from the EY Center for Board Matters. Ernst & Young found a dramatic increase in disclosures in most categories over the last eight years, Accounting Today reports. Audit committees Read More
New York state auditors uncovered $700 million in “improper” and “questionable” spending by Medicaid during fiscal year 2019, the New York Post reports, including $605 million in overpayments for prescription drugs dispensed by managed-care companies under contract with the NY Department of Health. An additional $12 million was spent on Read More
Auditors at San Diego’s transportation and planning agency are accusing management of improperly making severance and sick time payments to employees, and failing to report the expenditures to the agency’s board of directors. The San Diego Association of Governments (SANDAG) Executive Director Hassan Ikhrata supervises an annual budget of nearly Read More
