In the post–Sarbanes-Oxley world, internal auditors have increasingly assumed a larger role in corporate governance. For example, Deloitte notes that “if not for the internal audit profession, the business landscape would likely be littered with significantly more disclosures of material weaknesses and revelations of noncompliance with the [Sarbanes-Oxley] Act” (“Optimizing Read More
The Securities and Exchange Commission awarded a total $50 million to two whistleblowers who assisted the agency in bringing a successful enforcement action. One whistleblower received an award of $37 million and the other received an award of $13 million. While the SEC did not disclose the identities of the Read More
Shares of telecom equipment maker Nokia dropped more than 8 percent last Friday after the company revealed that it is investigating potential compliance problems at its Alcatel-Lucent unit, which it acquired in 2016. The Finnish company disclosed the investigation into certain transactions of the unit in its annual report, which Read More
An internal audit of marketing practices at the U.S. unit of Korean electronics giant Samsung may have found some unsavory business practices. According to a report in the Wall Street Journal, Samsung abruptly laid off several marketing employees shortly after an internal audit report was released inside the company that Read More
The Federal Deposit Insurance Corporation (FDIC) has announced a $335 million settlement with PricewaterhouseCoopers to resolve professional negligence claims arising out of audits PwC conducted of the failed Colonial Bank, located in Alabama. On December 28, 2017, the United States District Court for the Middle District of Alabama held PwC Read More
The Institute of Internal Auditors has released a new guide to help internal auditors assess the risk management process, one of the fundamental audits that internal audit must conduct. The IIA says the latest practice guide will help chief audit executives navigate an evolving risk management environment and deliver on Read More
Health care providers have some new guidance on adopting a solid internal control framework. The Committee of Sponsoring Organizations (COSO), along with advisory firm Crowe LLP and Common Spirit Health have published an updated version of its COSO Integrated Framework specifically for the health care provider industry. COSO says the Read More
Global consulting firm Protiviti has expanded its member firm network to South Africa. The provider of internal audit services announced today that it has added SekelaXabiso CA (SkX) as its newest member firm. SkX is one of the largest internal audit and risk consulting firms in South Africa with more Read More
A seminal guide for structuring internal audit and carrying out internal audits is getting a refresh. First published in 1973, Sawyer’s Guide for Internal Auditors emphasizes the philosophy that internal auditors should watch for emerging trends. In this significantly revamped update, Sawyer’s Internal Auditing: Enhancing and Protecting Organizational Value, 7th Read More
Nearly two-thirds of corporate controllers feel pressure to “cook the books,” according to a new international survey, and many of them feel that misrepresenting their company’s performance is just part of their job. The survey, by FloQast, a provider of close management software for corporate accounting departments, found that 64 Read More
