In another case of alleged rigging of audit inspections, the Public Company Accounting Oversight Board has banned two former chief executives at Deloitte’s Turkey practice for their roles in a plan to alter documents ahead of a 2014 inspection of three audit engagements. The accounting watchdog said the former senior Read More
South Korea’s largest cryptocurrency exchange, UPbit, said it has conducted an internal audit that disproves suspicions of fraud that have arisen in recent weeks. Last week, the South Korean police raided the headquarters of UPbit to investigate into the practices of the exchange after receiving anonymous tips that the exchange Read More
With the global crackdown on bribery and corruption over the last decade, organizations are realizing the need to fully implement structured anti-bribery programs that are continuously monitored. A new report from the Internal Audit Foundation highlights the important role internal audit plays in assuring these programs are set up for Read More
Recent corporate scandals linked to problematic company cultures have led directors to look for ways to better monitor corporate culture, while trying to understand potential cultural risks and address problems before they get out of control. By treating culture risk as part of an integrated process of oversight that addresses Read More
Paint maker PPG Industries has fired its controller and reassigned employees after it found accounting errors mounting into the millions of dollars and said its investigation into alleged violations of its accounting policies continues. PPG said that errors pertained to the first quarter and would result in a $7.8 million Read More
Symantec investors are turning on the cyber-security company after it revealed its board’s audit committee will be conducting an internal audit investigation. Shares are down more than 35 percent, and on track to post their worst day since the tech bubble burst in 2001. The internal audit investigation was reportedly Read More
As an investigation continues into a scandal involving a failed incentive plan to encourage homeowners in Northern Ireland to adopt renewable energy, an internal auditor is taking a measure of responsibility. Elaine Dolan, former senior auditor of Northern Ireland’s Department of Enterprise, Trade, and Investment (DETI), which administered the Renewable Read More
Former athletic director Mark Hollis and his staff failed for years to fix lax financial oversight in Michigan State University’s athletic department, according to internal audits that reported some of the same problems year after year. An MSU spokeswoman said auditors found no evidence of fraud and the audits mention Read More
China is drafting new rules to rein in businesses offering multiple financial services after runaway growth in recent years has left regulators without a firm handle on their risks to the economy. Officials at China’s central bank are preparing to roll out new rules to bring risk management and capital Read More
Risk and internal audit expert Norman Marks recently expounded on the idea of what are the attributes of a great risk officer. “While for some situations, especially where a key decision is needed and multiple possibilities (and multiple effects) need to be carefully analyzed, quant methods such as modeling and Read More
