Dow Chemical has agreed to pay $1.75 million to settle charges that it failed to properly disclose around $3 million in perks for former CEO Andrew Liveris in its proxy statements. The Securities and Exchange Commission said Dow applied an incorrect standard in deciding not to disclose perks including personal Read More
Gov. Jerry Brown signed the California Consumer Privacy Act of 2018 last week, hours after its unanimous approval by the State Assembly and Senate. When it takes effect, it will be the toughest data privacy law in the United States, with many similar provisions as the European Union’s General Data Read More
A federal judge on Monday said PricewaterhouseCoopers LLP must pay $625.3 million in damages to the Federal Deposit Insurance Corp for failing to uncover fraud that led to one of the largest bank failures of the global financial crisis. U.S. District Judge Barbara Rothstein found it more likely than not Read More
Former Irish Nationwide Building Society (INBS) managing director Michael Fingleton has admitted he failed to read internal audit reports at the failed building lender and signed letters to the financial regulator without reading them. A Central Bank of Ireland inquiry into the lender’s €5.4 billion ($6.24 billion) collapse is looking Read More
Innovation in compliance translates to a business advantage for companies. “This can be easily seen in the introduction of artificial intelligence (AI) into a compliance program by bringing technology that will improve the efficiency of compliance and will assist in the operationalization of compliance into the fabric of every business Read More
People’s Trust Insurance is blocking public release of an internal audit report on an investigation into its current CEO’s claims that its former CEO used company funds illegally before his January 2014 death. The audit was ordered by the state office of Florida after current CEO George Schaeffer alleged that Read More
“Where there’s money, there’s money to steal,” writes Tiffany Couch in a recent article in Accounting Today. The CEO of forensic accounting firm Acuity Forensics says that even after 15 years as a forensic accountant, it never ceases to amaze her that fraudsters think they can get away with their Read More
An angry Tesla employee tried to damage the company by inserting bad code into the electric car company’s manufacturing system and illegally exporting data to third parties. The case serves as a reminder to the damage that rogue employees can do and the need for internal controls to prevent such Read More
If the Tazewell County Board wins in its quest to replace the elected auditor position with a hired internal auditor it could spend much more than it is spending now for the elected position. But the Illinois county hopes to add more experience and skill with a credentialed internal auditor. Read More
KPMG’s audit work in the United Kingdom is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling Big Four firms. In an unprecedented assessment, the Financial Reporting Council said auditors at KPMG don’t challenge management enough, aren’t sufficiently skeptical, and are inconsistent in Read More
