Canadian bank Scotiabank will pay $127 million to the Department of Justice to settle charges manipulating prices of precious metals. Four traders at the bank allegedly manipulated thousands of orders for precious metals futures contracts over an eight-year period. The bank was also charged with making false statements and incomplete Read More
A state lawmaker in Texas wants to conduct a comprehensive audit of IDEA public schools, a Weslaco-based charter school system, after news broke about questionable spending practices. Spending decisions that have recently come to light include a $900,000 severance package for former CEO Tom Torkelson, as well as other extravagant Read More
An audit of Detroit’s Land Bank Authority uncovered troubling accounting practices and weak internal controls. An examination of four years’ worth of financial statements, several bank accounts, and general ledgers from 2014 to 2019 found lack of reporting and irregular transactions. The land bank had strengthened financial reporting in 2015 Read More
The Department of Justice released a rare Foreign Corrupt Practices Act opinion letter in response to an inquiry from a company, highlighting an avenue of communication where companies can get answers to compliance concerns for planned future actions. The inquiry asked whether a prospective fee paid to a foreign subsidiary Read More
A North Carolina watchdog agency recently issued a scathing report on the internal audit program at the state’s Department of Transportation (NCDOT). During an evaluation, inspectors found that the department “has not maintained a robust and viable internal audit effort,” leading to budget and cash flow problems at the department. Read More
The Securities and Exchange Commission charged a consumer loan company $21.7 million to resolve charges that it violated the Foreign Corrupt Practices Act (FPCA). The SEC says that a former Mexican subsidiary of World Acceptance Corporation (WAC), a South Carolina-based consumer loan company, paid more than $4 million from at Read More
Capital One Financial Corp will pay a $80 million fine to the Office of the Comptroller of the Currency for a 2019 data breach that exposed 106 million records of customers and credit card applicants. The alleged hacker, Paige Thompson, was a former Amazon employee and accessed the personal information Read More
The Wisconsin Court of Appeals is expected to deliver a decision regarding alleged fraud and negligence against audit firm Grant Thornton LLP by a small Wisconsin manufacturing company. Arrowhead Systems Inc. is suing the firm for failing to inform the company about a commonly-known tax saving strategy that could have Read More
Ever since longtime president and CEO Richard Chamber of the Institute of Internal Auditors announced his decision to step down next year, the IIA has been looking for a replacement. The organization, the internal audit industry’s acknowledged leader and most recognized advocate, has exclusively tapped global executive search firm Korn Read More
Cryptocurrency is rising in popularity, and national banks were uncertain about how to handle them. The Office of the Comptroller of Currency answered that question, saying that national banks and federal savings associations can provide cryptocurrency custody services for their clients, the banking regulator said in a letter on July Read More
