The Institute of Internal Auditors’ (IIA) 2018 International Conference in Dubai, United Arab Emirates, begins today with a program that will address highly topical, global issues impacting the internal audit profession. The internal audit conference is estimated to be the largest gathering of internal auditors ever. The conference will take Read More
Due to a bug discovered during an internal audit, social media company Twitter is recommending users change their passwords. An audit found that passwords were being stored in plaintext before an encryption process took place to secure the passwords on internal files. The company has fixed the bug, but is Read More
An internal audit has found extensive mismanagement within the budget-challenged Washington State athletic department, including the possible inflation of home football attendance figures and the improper distribution of free tickets to football games. “The environment within Athletics … did not support a culture of compliance or fiscal responsibility,” according to Read More
Nike CEO Mark Parker apologized to employees in a speech this week for permitting a corporate culture where some employees felt excluded and management didn’t take complaints seriously, according to a report by CNBC. Multiple executives have left Nike in recent months because of reports of inappropriate behavior and poor Read More
University of Michigan officials say that a 2014 internal audit of its investment office, which controls a $10 billion endowment, reached several faulty conclusions. The university disputed the audit, which found more than a dozen problems with oversight of the endowment, arguing that the audit department, University Audits, didn’t have Read More
Canadian banks must strengthen governance and control frameworks over sales practices in order to reduce a growing misconduct risk from putting profits ahead of consumer protection. That is the finding of a recent consumer agency review, which focused heavily on banking culture. While the directive only applies to Canadian banks, Read More
A California Supreme Court ruled Monday to limit businesses from classifying workers as independent contractors who aren’t eligible for certain benefits and employment protections. Labor supporters hailed the worker classification decision as a big victory for labor. The move to broaden the definition of employees could shake up the state’s Read More
The European Union’s General Data Protection Regulation (GDPR) takes effect on May 25, and it represents a significant new legal regime for protecting personal data that will impact organizations worldwide. GDPR establishes standards governing the collection, use, storage and destruction of personal data of EU residents. It replaces the 1995 Read More
A U.S. jury on Monday convicted the former chief financial officer of British software company Autonomy of wire fraud and other crimes related to claims by the government that he inflated the firm’s value before its planned sale to Hewlett Packard, a Justice Department spokesman said. Federal prosecutors brought criminal Read More
The curator of the collapsing VBS Mutual Bank, a troubled South African lender, asked PricewaterhouseCoopers to stop its work as internal auditor amid allegations of fraudulent reporting and accounting violations. The curator, auditing firm SizweNtsalubaGobodo, found evidence of fraudulent reporting and manipulation of financial information in its first report on Read More
