The Broadway League, the trade association governing the Broadway entertainment industry, has pledged an audit of diversity in the industry amid calls for racial justice across the country. The audit will encompass all aspect of the industry, from the offices of officials to the backstage stage crew, to assess diversity Read More
The Office of the Comptroller of Currency has said that it will take into account the impact of the COVID-19 pandemic on compliance as it considers examinations and enforcement. Banks face heightened compliance risks during the Coronavirus Crisis as staff reductions coincide with a large influx of loan requests, making Read More
Germany is terminating its contract with its existing financial regulator Financial Reporting Enforcement Panel (FREP) after 2021 in an overhaul of its accounting oversight as a result of the Wirecard balance sheet scandal. The Federal Ministry of Justice and Consumer Protection is setting up a new framework for financial regulations Read More
Love and passion aren’t always the words that come to mind when talking about internal audit and accounting, but a new documentary Making It Balance: Will the Work Be Worth It explores just those aspects of the professions and discusses the very humanity behind the audit industry. The documentary, which Read More
A Swedish financial regulator fined Skandinaviska Enskilda Banken 1 billion Swedish konor ($107.3 million) for lax anti-money laundering governance after an investigation. Finansinspektionen, the regulator, found that SEB did not comply with rules on monitoring business relationships and transactions, and such deficiencies opened the bank up to potential risks. The Read More
An internal audit found that the City of Pasadena’s public safety departments had significant issues in their handling of petty cash and purchasing cards, but no illegal activity. The audit was recommended by auditor KPMG in 2014 to enforce “corrective actions to strengthen the City’s oversight of cash disbursements” and Read More
An audit found that the top managers Sweetwater Union High School District in California may be guilty of fraud and lying to credit rating agencies and the board of trustees. The audit came after the district’s budget came up $30 million short in 2018, with reports that despite knowledge of Read More
A Supreme Court ruling limiting the fines the Securities and Exchange Commission can impose on defendants to repay victims of fraud may lead to lower payouts to whistleblowers. Earlier this week the Supreme Court upheld the SEC’s right to disgorgement of funds that resulted from fraud, in an 8-1 ruling, Read More
Increases in director-and-officer (D&O) insurance are rising as companies are now paying more to insure their top-level executives in the case of a lawsuit. The increase comes as shareholder litigation rises in both number of cases and size of settlements. With greater risks in the market and more expensive insurance, Read More
The accounting woes of German digital payments company, Wirecard AG, appear to be deepening. The company said in a statement on Monday that there is a “prevailing likelihood” that the 1.9 billion euros ($2.15 billion) missing from its accounts had never existed in the first place. Wirecard first announced the Read More
