The U.S. Treasury Department will audit every loan of more than $2 million provided under the Paycheck Protection Program for businesses hurt by the coronavirus fallout, Treasury Secretary Steven Mnuchin said earlier this week. The announcement by Mnuchin comes after a public outcry over concerns some public companies and wealthy Read More
In the current environment, most businesses — except for essential business — are pretty much shuttered. Or at least their business is being conducted by a workforce that’s at home working remotely. It is very likely that for many audit engagements this year, the way that a business is processing Read More
The Institute of Internal Auditors has released a new report to help auditors address the challenges of conducting audits while working from home. The report, “Remote Auditing for COVID-19 and Beyond,” examines the challenges of remote auditing and offers strategies for overcoming them in each part of the audit engagement Read More
A new survey of financial executives indicates that corporate America is gearing up for more layoff and belt-tightening. Companies are also putting investments and other spending on hold. The third release of PwC’s COVID-19 CFO Pulse Survey reveals 26 percent of U.S. chief financial officers anticipate layoffs, a marked increase Read More
Securities and Exchange Commission officials issued a unprecedented statement this week urging companies to be forthright and open in their earnings reports, calls with investors, and other disclosures during this time of economic upheaval. The statement underscores the unusual times companies are facing and the disruption the Coronavirus Crisis has Read More
The Institute of Internal Auditors has released a new report to assist internal auditors in assessing their current level of preparedness regarding privacy and data protection issues. The first guide in a three-part series, “Privacy and Data Protection — Internal Audit’s Role in Establishing a Resilient Framework,” provides guidance on Read More
The Securities and Exchange Commission awarded a whistleblower “with compliance-related responsibilities” $450,000 for providing information that helped in a successful enforcement action. While the SEC didn’t name the whistleblower, the company involved, or provide his or her title—in keeping with its confidentiality protections—it did say in a statement that it Read More
As the global COVID-19 pandemic worsens, security firms and law enforcement, including the FBI, are warning of increasing phishing and other cybercriminal scams targeting a largely at-home workforce. Meanwhile, researchers also are finding that cyber-criminals are continuing to spoof organizations that are providing COVID-19 updates to the public. For example, Read More
The Securities and Exchange Commission announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public company filing obligations under the federal securities laws, and that it is also extending regulatory relief previously provided to funds and investment advisers whose operations may Read More
Singapore-based construction and engineering company Tee International is undergoing a review of its policies, aiming to enhance existing internal controls in light of unauthorized compensation paid to ex-company director Phua Chian Kin, the company said in a regulatory filing. Following an external investigation, Phua admitted to using company funds for Read More
