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
Twitter may face soon face fines of up to $250 million for privacy data violations from the Federal Trade Commission. The company received a draft complaint from the commission on July 28, alleging that the company has used phone numbers and email addresses provided for safety and security purposes, such Read More
President Donald J. Trump has ordered an internal audit of all federal agencies to make sure that only American citizens hold positions in federal jobs. Trump is signing an executive order requiring all federal agencies to complete an internal audit that assesses the agency’s compliance with Executive Order 11935, signed Read More
The Institute of Internal Auditors announced a new book, Ready and Relevant: Prepare to Audit What Matters Most, written by seasoned practitioner Tim Berichon. Described as the IIA’s version of “Audit This, Not That,” the book focuses on specific strategies, tactics, and examples to help auditors build and maintain an Read More
A Colorado city is looking to tighten internal controls after embezzlement by a high-level official rocked the city council. Julie Brown, the former finance director of Durango, Co., is suspected of stealing $700,000 over the course of 17 years. The scale and the length of the theft has left city Read More
The first audits completed under the landmark new lease accounting standard are in, and companies say they were challenging. According to a new survey, half of the public companies that have completed their first post-transition audit under the new lease accounting rules report additional effort was needed for the process. Read More
